- Brink’s mission is to strengthen the Bitcoin protocol by fostering innovation.
- A commitment of 5% of VanEck’s spot BTC ETF earnings were made to Brink in Jan 2024.
Coinbase is contributing $3.6 million to Bitcoin supporting non-profit Brink as it closes GiveCrypto, an organization that distributed cryptocurrency to those in need.
The campaign was announced to be ending in December by the exchange, who said it had failed to have a lasting effect. Coinbase did not disclose how much of the remaining monies will go to Brink or a charity platform named GiveDirectly when it first announced the partnership.
Fostering Innovation
Established in 2020, Brink’s mission is to strengthen the Bitcoin protocol by fostering innovation within the Bitcoin community and doing research to improve the protocol itself. In order to bring in fresh developers to work on Bitcoin, it has a fellowship program and a grants program. According to Brink, the grantees—a group of developers working on the Bitcoin codebase—will get the funds directly.
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.”
Moreover, to support independent Bitcoin developers with grants, Brink secured $5 million in June 2023 through Jack Dorsey’s Smart Small financing program. Also, a commitment of five percent of VanEck’s spot bitcoin ETF earnings were made to Brink in January 2024.
The crypto exchange benefited from skyrocketing cryptocurrency prices and reported fourth-quarter profits and sales that were higher than experts had predicted, sending its stock surging. According to the company’s announcement, revenue of $953.8 million was higher than the analyst projection of $826.1 million.
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