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Coinbase Contributes $3.6 Million to Brink for Bitcoin Development Efforts

Coinbase has announced a significant donation of $3.6 million to the Bitcoin-focused nonprofit organization Brink, marking the conclusion of its GiveCrypto initiative aimed at distributing cryptocurrency to impoverished individuals.

The decision to terminate GiveCrypto in December was attributed to its inability to achieve a lasting impact. While Coinbase initially indicated its intention to allocate the remaining assets between Brink and the charity platform GiveDirectly, specific allotments were not disclosed at the time.

Founded in 2020, Brink is dedicated to advancing the Bitcoin protocol through research, development, and support for the Bitcoin developer community. Among its initiatives, Brink offers a fellowship program to onboard new software engineers into Bitcoin development and a grants program to support seasoned developers.

With the donation from Coinbase, Brink plans to further support its developers working on the Bitcoin codebase and continue its mission of enhancing the Bitcoin ecosystem.

This contribution adds to Brink’s existing funding, which includes a $5 million donation from Jack Dorsey’s Start Small initiative in June 2023 and a pledge from investment firm VanEck in January to donate 5% of its spot Bitcoin ETF profits to the nonprofit.

Expressing enthusiasm about the donation from Coinbase, Brink Co-Founder Mike Schmidt stated, “Brink is excited to receive one of the biggest Bitcoin open-source developer donations from one of the biggest companies in the space, Coinbase. With these funds, we will continue our mission to support the Bitcoin developer ecosystem through funding, education, and mentoring.”

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