Coinbase donates $3.6 million to Bitcoin-focused nonprofit organization Brink, ending its GiveCrypto initiative to distribute cryptocurrencies to the poor.
The company shut down GiveCrypto in December, citing a failure to achieve lasting impact.
Brink has announced its intention to split the remaining assets between Brink and charity platform GiveDirectly, but the specific allocation was initially kept private.
Founded in 2020, Brink's mission is to strengthen the Bitcoin (BTC) protocol through research, development, and support for the Bitcoin developer community. We offer fellowships to integrate new software engineers into Bitcoin development, as well as grant programs for seasoned developers.
Brink plans to use donations from Coinbase to further support developers working on the Bitcoin codebase.
Blink previously received $5 million from Jack Dorsey's Start Small Funding Initiative in June 2023, and 5% of the profits of a Spot Bitcoin ETF from investment firm VanEck in January. They received large amounts of funding, including promises to donate to nonprofit organizations.
“Brink is excited to receive the largest donation from a Bitcoin open source developer from Coinbase, one of the largest companies in the space. We look forward to continuing our mission to support the Bitcoin developer ecosystem through provision, education, and mentorship,” said Brink co-founder Mike Schmidt, expressing enthusiasm about the contribution from Coinbase.
