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Coinbase makes $3.6m donation to Brink for Bitcoin development

Coinbase, a leading cryptocurrency exchange platform, has recently announced a donation of $3.6 million to the Bitcoin-focused nonprofit Brink. This contribution marks the conclusion of Coinbase’s GiveCrypto initiative, which aimed to distribute cryptocurrency to impoverished individuals around the world.

In a recent blog post, Coinbase revealed that it made the decision to wind down GiveCrypto in December due to its perceived lack of lasting impact. As part of the initiative’s conclusion, the company has chosen to allocate the remaining assets to Brink and the charity platform GiveDirectly. While the specific distribution of funds has not been disclosed, Coinbase expressed its commitment to supporting organizations that align with its values.

Brink, founded in 2020, is a nonprofit organization dedicated to enhancing the Bitcoin protocol through research, development, and support for the Bitcoin developer community. One of Brink’s key initiatives is a fellowship program designed to onboard new software engineers into Bitcoin development. Additionally, the organization offers a grants program to support experienced developers in advancing the Bitcoin codebase.

With the generous donation from Coinbase, Brink plans to further bolster its efforts in supporting Bitcoin developers and advancing the cryptocurrency ecosystem. This contribution adds to the substantial funding that Brink has received in the past, including a $5 million grant from Jack Dorsey’s Start Small initiative in June 2023 and ongoing support from investment firm VanEck.

Mike Schmidt, Co-Founder of Brink, expressed his excitement about receiving the donation from Coinbase, emphasizing the importance of supporting the Bitcoin developer community. “Brink is thrilled to receive this generous donation from Coinbase, one of the leading companies in the cryptocurrency space. With these funds, we will continue to provide essential support to Bitcoin developers through funding, education, and mentorship,” Schmidt stated.

Overall, Coinbase’s contribution to Brink underscores the importance of collaboration and support within the cryptocurrency ecosystem. By investing in organizations like Brink that are dedicated to advancing the technology and infrastructure of Bitcoin, Coinbase is demonstrating its commitment to fostering innovation and growth in the digital currency space.

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