Coinbase, while ending its GiveCrypto event that distributed crypto assets to impoverished citizens, announced a donation of $3.6 million in Bitcoin to support the non-profit organization Brink. The United States cryptocurrency exchange revealed in December that it ended the initiative due to its inability to create a lasting impact. At that time, Coinbase stated that it divided the remaining funds between Brink and a charity platform called GiveDirectly, but did not disclose the amount donated.
Notable Steps for Brink
Founded in 2020, Brink, aims to strengthen the Bitcoin protocol through research and development and by supporting the Bitcoin developer community. It offers a scholarship program to involve new software engineers in Bitcoin development and a grant program for existing Bitcoin developers.
Brink announced that the funds will be used to support a group of grant recipients focused on the Bitcoin codebase. Brink co-founder Mike Schmidt shared the following statement:
“Brink is excited to receive one of the largest Bitcoin open-source developer donations from Coinbase, one of the biggest companies in the field. With these funds, we will continue our mission to support the Bitcoin developer ecosystem through financing, education, and mentorship,”
In June 2023, Brink raised $5 million from Jack Dorsey’s Smart Small financing initiative to support independent Bitcoin developers through various grants. In January 2024, investment firm VanEck announced it would commit 5% of its spot Bitcoin ETF profits to Brink.
Incentive Events in Cryptocurrency
In the cryptocurrency market, companies’ steps to increase interest in crypto through such events are noteworthy. Along with these initiatives, citizens’ interest in cryptocurrencies is growing day by day. Especially these days, with the rising price of Bitcoin, the emergence of such events is of great significance.
Incidents of hacks and bankruptcies in the crypto sector, especially in the blockchain field, cause people to fear and worry about this area. However, recent events such as airdrops are helping users to turn back to cryptocurrencies.
