Coinbase Donates $3.6 Million to Support Brink

Coinbase has announced a significant contribution of $3.6 million to aid Brink, a non-profit organization focused on advancing Bitcoin protocol through research, development, and support for BTC developers. This donation comes as Brink is winding down GiveCrypto, an initiative deemed unable to sustain long-term impact.

In December, Coinbase revealed its decision to discontinue GiveCrypto due to its perceived inefficacy in creating lasting change. The exchange stated its intention to distribute remaining funds between Brink and the charitable platform GiveDirectly, without specifying the amounts. Brink, established in 2020, aims to bolster the Bitcoin ecosystem by offering scholarships to attract new developers and grant programs for existing ones.

According to Brink, the funds will directly support grant recipients, many of whom are developers contributing to Bitcoin's codebase. Mike Schmidt, co-founder of Brink, expressed gratitude for the substantial donation, emphasizing its importance in continuing their mission of supporting Bitcoin developers through funding, education, and mentorship.

This isn't the first time Brink has received substantial backing. In June 2023, the organization secured $5 million through Jack Dorsey's financial initiative, Smart Small, aimed at supporting independent Bitcoin developers via grants. Additionally, in January 2024, investment firm VanEck allocated 5% of its Bitcoin ETF's profits to Brink, further bolstering its financial resources.