Coinbase Donates Remaining Funds to Bitcoin Nonprofit Brink
Cryptocurrency exchange Coinbase has chosen to support Bitcoin nonprofit organization Brink with its remaining funds after winding down its GiveCrypto initiative. The exchange had previously announced the end of GiveCrypto due to its lack of lasting impact, and stated that the remaining funds would be split between Brink and another charity platform called GiveDirectly. Founded in 2020, Brink aims to boost the Bitcoin protocol through research and development and by supporting the Bitcoin developer community. The funds donated by Coinbase will directly support Brink’s grantees, which consist of developers focused on the Bitcoin codebase.
Brink Expresses Gratitude for Donation
Brink co-founder Mike Schmidt expressed excitement over receiving one of the largest Bitcoin open-source developer donations from Coinbase. He stated that with these funds, Brink will continue its mission to support the Bitcoin developer ecosystem through funding, education, and mentoring. This donation follows previous funding received by Brink, including a $5 million investment from Jack Dorsey’s Smart Small funding initiative in June 2023 and a pledge of 5% of spot bitcoin ETF profits from investment firm VanEck in January 2024.
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