Coinbase Donates $3.6 Million to Brink to Support Bitcoin Developers
Coinbase, the largest cryptocurrency exchange in the United States, has made a generous donation of $3.6 million to Brink, a non-profit organization that aims to support the Bitcoin developer community.
Brink to Allocate Funds for Bitcoin Core Developers
Brink recently announced on social media that Coinbase had contributed this significant amount of money. The non-profit organization expressed gratitude towards Coinbase’s CEO Brian Armstrong and the exchange’s team.
The donated funds come with no strings attached and will be used to support Brink’s engineers in their development work on the Bitcoin network. It is worth noting that the $3.6 million was received through GiveCrypto, an initiative by Coinbase that distributes cryptocurrencies to those in need.
Coinbase’s Decision to Donate Remaining GiveCrypto Funds
Last December, Coinbase revealed its decision to end the GiveCrypto initiative due to its inability to create a lasting impact with recipients. As a result, all remaining GiveCrypto funds would be donated to Brink and GiveDirectly. While Brink strengthens the Bitcoin software and protocol, GiveDirectly ensures that crypto donations reach those who need them most.
Coinbase Continues Its Support for Bitcoin Development
This recent donation from Coinbase follows its report of a $905 million revenue in the fourth quarter of 2023, representing a 45% increase from the previous quarter. Other organizations like VanEck have also pledged monetary support to Bitcoin developers by allocating a portion of their BTC fund profits.
Coinbase CEO Outlines Plans for 2024
In a recent post on social media, Coinbase CEO Brian Armstrong shared insights into what the exchange has achieved and its plans for the new year. Armstrong highlighted the success of Bitcoin ETFs, which are now the second largest commodity ETFs in the U.S., behind gold. Additionally, Coinbase custodies around 90% of the approximately $37 billion in Bitcoin ETF assets.
Armstrong mentioned that Coinbase will focus on increasing trading fee revenue through international expansion and derivatives. The exchange also aims to drive utility in crypto by enabling payments and developing Coinbase Wallet into an on-chain super app.
Coinbase’s Stock Price Reflects Positive Developments
These efforts have positively impacted Coinbase’s stock price (COIN). At the end of Friday’s trading session, Coinbase shares were valued at around $180, indicating a 27% growth over the past week.
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