Cryptocurrency exchange Coinbase announced a $3.6 million donation to Brink, a nonprofit organization supporting Bitcoin development, after winding down its crypto giveaway initiative, GiveCrypto.
Launched in 2020, Brink aims to improve the Bitcoin protocol and expand its developer community. The group offers fellowships and grants to onboard new contributors and fund existing developers’ work on the Bitcoin codebase.
The contribution comes shortly after Coinbase terminated GiveCrypto in December. The exchange has distributed around $2 million directly to impoverished people since 2019, but concluded that the effort failed to create lasting change.Â
The grant to Brink instead focuses on Coinbase’s social impact initiatives on Bitcoin advancement, which align with its business interests. As the largest US crypto exchange, Coinbase’s fortunes depend heavily on Bitcoin’s success.
Brink will use Coinbase’s multimillion-dollar grant to further its mission of expanding Bitcoin’s developer ecosystem. Specific programs include onboarding additional software engineers through its engineering fellowships and funding existing contributors’ work on the Bitcoin protocol.
With its latest injection of capital from Coinbase, Brink hopes to make meaningful headway toward hardening Bitcoin’s technical foundations and preparing its community for the future.
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