Coinbase Contributes $3.6 Million to Boost Bitcoin Developer Funding via Brink
Coinbase Pledges $3.6 Million to Support Bitcoin Development via Brink
As it concludes its GiveCrypto initiative, Coinbase is directing $3.6 million towards the nonprofit organization Brink, which focuses on bolstering the Bitcoin protocol.
In December, Coinbase announced the closure of GiveCrypto, citing challenges in achieving lasting impact. The remaining funds were earmarked for Brink and another charity platform, GiveDirectly, without specifying exact amounts.
Established in 2020, Brink’s mission revolves around advancing the Bitcoin protocol through research, development, and support for the developer community. It runs fellowship and grants programs aimed at both recruiting new talent to Bitcoin development and aiding existing developers.
Brink intends to utilize the donated funds to directly support its grantees, who are actively involved in enhancing the Bitcoin codebase.
Mike Schmidt, co-founder of Brink, expressed enthusiasm about receiving one of the largest donations for Bitcoin open-source development from Coinbase.
He affirmed Brink’s commitment to fostering the Bitcoin developer ecosystem through financial backing, educational initiatives, and mentorship.
In previous funding rounds, Brink secured $5 million from Jack Dorsey’s Smart Small funding initiative in June 2023 and garnered support from investment firm VanEck, which pledged 5% of its spot Bitcoin ETF profits to Brink in January 2024.
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