Coinbase, a cryptocurrencycurrency exchange, said that it has ended its GiveCrypto cryptocurrencycurrency giveaway program and donated $3.6 million to Brink, a nonprofit that supports the growth of Bitcoin.
Brink was established in 2020 with the goal of growing the developer community and enhancing the Bitcoin protocol. The organization provides grants and fellowships to welcome new members and finance the work of current developers on the Bitcoin codebase.
“One of the Biggest” Bitcoin Developer Donations Received by Brink Excites Them
Coinbase’s “one of the biggest Bitcoin open source developer donations from one of the biggest companies in the space” has Brink Co-Founder Mike Schmidt expressing excitement in a statement.
The donation was made soon after GiveCrypto was shut down by Coinbase in December. From 2019, the exchange has given away almost $2 million directly to the poor, however it was determined that the program was ineffective in bringing about long-lasting change.
Instead, because it fits with Coinbase’s commercial goals, the grant to Brink is directed toward Coinbase’s social impact projects on the growth of Bitcoin. The growth of Bitcoin is crucial to Coinbase’s business, as it is the biggest cryptocurrencycurrency exchange in the US.
With the help of Coinbase’s multimillion-dollar donation, Brink will carry out its goal of developing the Bitcoin development community. Among its special initiatives include sponsoring current contributors’ work on the Bitcoin protocol and recruiting more software engineers through its engineering fellowships.
Through this most recent round of funding from Coinbase, Brink intends to make significant progress strengthening the technological underpinnings of Bitcoin and preparing its community for the long term.
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