GiveCrypto, a philanthropic initiative founded by Coinbase CEO Brian Armstrong, has made a generous donation of $3.6 million to Brink, a non-profit organization dedicated to funding Bitcoin developers.
Brink is thrilled to announce a $3.6 million contribution from GiveCrypto to support our #Bitcoin development funding efforts!
Special thanks to @brian_armstrong and the team at @coinbase, as well as @johnhering and @FEhrsam for your support in making this happen!— Brink (@bitcoinbrink) February 16, 2024
Brink, co-founded by esteemed Bitcoin developers John Newbery and Mike Schmidt, aims to provide financial support and mentorship to promising developers working on open-source Bitcoin development. Interested developers can apply for fellowships and grants from Brink, and view a current list of grantees and alumni on their website here.
“This donation to Bitcoin Core Developers through GiveCrypto is one of the largest single contributions in the history of Bitcoin development,” stated Brink’s Co-founder and Executive Director, Mike Schmidt. “We are honored to receive this donation and grateful for the recognition of the important work our engineers are doing on the open-source software at the heart of the Bitcoin ecosystem.”
The substantial donation from GiveCrypto will enable Brink to expand its efforts in funding Bitcoin developers and supporting essential projects within the Bitcoin community. By providing resources and funding to driven developers, Brink aims to accelerate the advancement of the Bitcoin protocol and drive innovation.
“This builds on our previous partnership with Coinbase’s Crypto Community Fund, and 100% of these funds will go directly to the developers with no strings attached,” Schmidt continued. “I would like to personally thank Brian Armstrong and John Hering, as well as the entire team at Coinbase, for making this fantastic contribution to Bitcoin development possible.”
In December of last year, Coinbase announced that they would be winding down GiveCrypto, despite its positive impact, in order to “take a new direction.” As a result, Coinbase declared that they would donate the remaining funds to Brink and GiveDirectly.
“Brink is dedicated to strengthening the Bitcoin software and protocol, while GiveDirectly is better equipped to ensure that crypto donations reach those who need them most and provide sustained benefits,” Coinbase stated at the time.
Join the Movement: Coinbase’s GiveCrypto Gives $3.6 Million to Brink for Bitcoin Developer Funding
Cryptocurrency has been rapidly gaining popularity over the years, with Bitcoin leading the way as the most widely recognized and used digital currency. As the demand for Bitcoin and other cryptocurrencies continues to grow, so does the need for talented developers to support their infrastructure. This is where GiveCrypto, a philanthropic project by the well-known cryptocurrency exchange Coinbase, comes into play.
In a recent announcement, GiveCrypto shared that they are donating $3.6 million worth of Bitcoin to Brink, a non-profit organization that focuses on funding Bitcoin developers in their work. This is a significant move for both companies, as it not only supports the development of Bitcoin but also aligns with their vision of creating a more inclusive and equitable global financial system.
In this article, we’ll dive deeper into the details of this partnership between GiveCrypto and Brink, discuss the benefits, and highlight the impact it could have on the Bitcoin community.
What is GiveCrypto?
GiveCrypto is a project launched by Coinbase CEO Brian Armstrong in 2018. Its aim is to financially empower people in need by distributing cryptocurrency to those affected by economic crisis, natural disasters, and other humanitarian disasters. They believe that providing direct aid in the form of cryptocurrency can bring a more significant impact to individuals and communities in need.
Since its inception, GiveCrypto has raised over $4 million and has distributed funds to individuals in over 20 countries. They have also partnered with several organizations such as The Water Project and SOS Children’s Villages to help reach more people in need.
What is Brink?
On the other hand, Brink is a non-profit organization that focuses on supporting the development of the Bitcoin protocol and other related technologies. Brink was founded by John Newbery, a Bitcoin Core developer known for his work on the BTCPay Server.
Brink’s mission is to fund talented individuals who will work towards advancing the Bitcoin ecosystem. They provide funding for developers, researchers, and designers who are passionate about creating tools and solutions that will benefit the entire Bitcoin community.
Joining Forces for Bitcoin Developer Funding
In their recent partnership, GiveCrypto has donated $3.6 million worth of Bitcoin to Brink. This generous donation will support Brink’s fellowship grants, which enable individuals to work on projects that will contribute to the development of Bitcoin. This partnership also means that GiveCrypto will actively collaborate with Brink in identifying potential candidates for the fellowship program and providing them with funding.
This is a significant move for both companies as it shows their commitment to supporting the growth and development of Bitcoin. Furthermore, this partnership could potentially attract more individuals to become involved in the Bitcoin community, knowing that their efforts will be recognized and supported.
Benefits of Supporting Bitcoin Development
The demand for Bitcoin and cryptocurrencies is constantly increasing, and with that comes the need to enhance its infrastructure and support. Here are some benefits of supporting Bitcoin development:
1. Increased adoption: Supporting Bitcoin development means improving its functionality and accessibility, leading to more people using and adopting this digital currency.
2. Innovation: With proper funding, developers can work on innovative projects and solutions that could take Bitcoin to the next level and make it more efficient and effective.
3. Security and scalability: Investing in the development of Bitcoin can support efforts to enhance its security and scalability. This is crucial as the number of transactions on the Bitcoin network continues to grow.
4. Improved user experience: With more developers working on the development of Bitcoin-related projects, the user experience can also improve. This will make it easier and more convenient for people to use Bitcoin for various transactions.
Impact on the Bitcoin Community
The impact of this partnership between GiveCrypto and Brink could be significant for the Bitcoin community. By providing funding for talented individuals, Brink can support a diverse and inclusive group of developers who can bring fresh ideas and perspectives to the table. This, in turn, can lead to significant improvements in the Bitcoin ecosystem.
Moreover, this partnership can help attract more individuals to become involved in the development of Bitcoin and other cryptocurrency-related projects. It can also encourage other companies and organizations to support similar initiatives, ultimately benefiting the entire Bitcoin community.
In Conclusion
The partnership between GiveCrypto and Brink is a significant step towards supporting the growth and development of Bitcoin. By donating $3.6 million to Brink’s fellowship program, GiveCrypto is actively investing in the future of Bitcoin and supporting talented individuals who will contribute to its advancement.
This collaboration also highlights the importance of supporting Bitcoin development and the potential impact it can bring to the entire cryptocurrency community. As more companies and organizations join this movement, we can expect to see even more innovative and game-changing developments in the world of Bitcoin. So let’s join the movement and support the growth and development of Bitcoin together.
