18 Feb, 2024

Coinbase Donates $3.6M to Bitcoin Core Developers Via Brink

Coinbase Brink

TL;DR

  • Coinbase’s GiveCrypto has donated $3.6 million to Brink, a nonprofit organization supporting developers for the Bitcoin Blockchain.
  • The generous donation will benefit Brink’s grantees, including developers dedicated to refining the Bitcoin protocol.

Coinbase’s GiveCrypto Donates $3.6M for Bitcoin Development

Coinbase donates $3.6M towards Bitcoin development.
Coinbase | Source: Coinbase Website

GiveCrypto, an initiative founded by Coinbase CEO Brian Armstrong, is donating 3.6M to Brink.

The initiative “make direct donations to people in need” aims to fund developers for the Bitcoin (BTC) blockchain.

Taking to X, Brink appreciated Brian Armstrong and the Coinbase exchange team for donating to “Bitcoin developing funding efforts.”

He reiterated that the donated funds had no strings attached to them. And would assist engineers working on open-source development for the Bitcoin blockchain.

Created in 2020, Brink aims to offer the promising Bitcoin developer community financial support and mentorship.

It offers fellowships to integrate new software engineers into Bitcoin development. Additionally, the nonprofit organization has a grant program for seasoned developers.

This donation to Bitcoin Core Developers through Coinbase’s GiveCrypto program is one of the most significant single Bitcoin developer donations in history. Brink is honored to be the recipient of this donation, and for the conviction, this shows in the critical work Brink engineers are doing day in and day out on the open-source software at the core of the Bitcoin ecosystem.

Brink Co-founder and executive director Mike Schmidt stated.

With the donation, Brink hopes to expand its efforts in funding BTC developers and supporting projects in the Bitcoin ecosystem.

As a result, it will accelerate the advancement of the Bitcoin protocol and drive innovation.

Coinbase’s GiveCrypto Initiative to Wind Done

Coinbase and Bitcoin | Source: Getty Images

Coinbase’s GiveCrypto decision follows the exchange’s announcement in Dec. 2023 of winding down the platform.

This was after the platform could not create a lasting change purely through unconditional cash transfers.

As part of this decision, all the remaining GiveCrypto funds were earmarked for donation to GiveDirectly and Brink. However, it didn’t disclose the exact amounts during this time.

With Brink aiming to bolster the Bitcoin software and protocol, GiveCrypto found it a suitable recipient for the funds.

Brink has had high-profile backers, including Block CEO Jack Dorsey, who donated $5M in July 2023.

Additionally, VanEck pledged to give five percent of its profits from the investment vehicle to BTC core developers.

This was before the US Securities and Exchange Commission (SEC) approved its spot Bitcoin ETF product. Similarly, VanEck also pledged to Ethereum core developers in Sept. 2023.

Philanthropic Gesture Amid Robust Performance

Interestingly, Coinbase philanthropic gesture comes at a time when the crypto exchange is having a robust performance.

Coinbase data reports that the platform’s net revenue in the fourth quarter of 2023 was $905 million.

This is a 45% increase over the third quarter. Moreover, JPMorgan analysts have also changed the crypto exchange’s stock rating.

It was previously rated as underweight after downgrading its shares in Jan. 2024 but has now changed to neutral.

Coinbase donation to Brink highlights a broader trend of organizations supporting BTC developers.

Will Coinbase and Brink’s collaborative efforts positively impact the future of Bitcoin?