Coinbase, a prominent cryptocurrency exchange, has announced a donation of $3.6 million to the Bitcoin-supporting nonprofit organization, Brink, as part of its initiative to bolster Bitcoin protocol development. This contribution comes as Coinbase concludes its GiveCrypto initiative, which aimed to distribute cryptocurrency to those in need.
In December, Coinbase revealed its decision to discontinue GiveCrypto due to challenges in achieving lasting impact. As part of this wind-down, Coinbase stated its intention to allocate the remaining funds to Brink and another charity platform, GiveDirectly, without specifying the exact amounts.
Established in 2020, Brink is dedicated to advancing the Bitcoin protocol by fostering research and development efforts and providing support to the Bitcoin developer community. The organization runs various programs, including a fellowship initiative to onboard new software engineers into Bitcoin development and a grants program to aid existing Bitcoin developers.
The $3.6 million donation from Coinbase will directly benefit Brink’s grantees, comprising several developers focused on enhancing the Bitcoin codebase. Mike Schmidt, co-founder of Brink, expressed excitement about receiving one of the largest open-source developer donations in the Bitcoin space from Coinbase. Schmidt emphasized that these funds would enable Brink to continue its mission of supporting the Bitcoin developer ecosystem through funding, education, and mentorship.
This donation from Coinbase adds to Brink’s existing funding initiatives. In June 2023, the organization received $5 million from Jack Dorsey’s Smart Small funding initiative, aimed at supporting independent Bitcoin developers through grants. Additionally, in January 2024, investment firm VanEck pledged to allocate 5% of its spot Bitcoin ETF profits to Brink, further solidifying the organization’s financial backing and its commitment to advancing Bitcoin development.