Coinbase, the most popular cryptocurrency exchange in America, has concluded its GiveCrypto initiative by donating $3.6 million to Brink, a nonprofit organization focused on advancing the Bitcoin ecosystem. The move comes as Coinbase seeks to fulfill its commitment to social responsibility and support communities in need.
The decision to end the GiveCrypto initiative in December was driven by its perceived lack of sustainable impact. In a bid to ensure the remaining funds are put to good use, Coinbase has chosen to distribute them between Brink and the charity platform GiveDirectly, although specific allocations were initially undisclosed.
Brink is excited to announce a $3.6m donation to our #Bitcoin development funding efforts from GiveCrypto!
Thank you to @brian_armstrong and the @coinbase team as well as @johnhering and @FEhrsam for your support in making this happen!
— Brink (@bitcoinbrink) February 16, 2024
Founded in 2020, Brink has been dedicated to bolstering the Bitcoin protocol through a range of activities, including research, development, and support for Bitcoin developers. The organization runs fellowship programs designed to integrate new software engineers into Bitcoin development and provides grants to seasoned developers.
The sizable donation from Coinbase will further empower Brink in its mission to support Bitcoin developers and enhance the Bitcoin codebase. This contribution builds upon previous funding received by Brink, including support from Jack Dorsey’s Start Small initiative and commitments from investment firms like VanEck.
Mike Schmidt, Co-Founder of Brink, expressed enthusiasm about the collaboration, emphasizing the significance of Coinbase’s donation in advancing the Bitcoin ecosystem. With these funds, Brink remains steadfast in its commitment to nurturing and empowering Bitcoin developers through strategic initiatives focused on funding, education, and mentorship.
