Coinbase is closing GiveCrypto, a program that distributed cryptocurrency to the impoverished and is giving $3.6 million to Brink, a nonprofit that supports Bitcoin.
The exchange announced in December that it was discontinuing the program because it was unable to make a significant difference. Coinbase claimed at the time that it was dividing the leftover assets between Brink and GiveDirectly, a platform for charitable giving, but it did not state how much.
Brink was established in 2020 with the goal of advancing the Bitcoin protocol through development, research, and assistance for the Bitcoin developer community. It provides funding to current Bitcoin developers and a fellowship program to bring in new software engineers to the field.
According to Brink, the money would be used specifically to help the grantees, a group of developers working on the Bitcoin codebase.
Mike Schmidt, a co-founder of Brink, stated, “Brink is excited to receive one of the biggest Bitcoin open source developer donations from one of the biggest companies in the space, Coinbase. With these funds, we will continue our mission to support the Bitcoin developer ecosystem through funding, education, and mentoring.”
Through Jack Dorsey’s Smart Small fundraising initiative, Brink raised $5 million in June 2023 to provide grants to independent Bitcoin developers. Investment company VanEck promised Brink 5% of its spot bitcoin ETF earnings in January 2024.
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