Coinbase Donates $3.6M to Brink for Bitcoin Developers

Coinbase has donated $3.6 million to Brink a nonprofit supporting Bitcoin blockchain engineers.

Cryptocurrency exchange Coinbase has donated $3.6 million to Brink,a nonprofit that assists Bitcoin (BTC) blockchain engineers.Brink gave Coinbase CEO Brian Armstrong and the exchange’s staff credit for contributing to “Bitcoin developing funding efforts” in an X post on February 16.

The platform stated that the gift will help developers working on open-source development for the Bitcoin network and that it has “no strings attached. Armstrong started Coinbase’s GiveCrypto project in 2018, which enabled the Brink gift.

The platform would be shut down as the exchange stated in December 2023, because it was “unable to create lasting change purely through unconditional cash transfers.”Brink, which was established in 2020, provides grants and fellowships to assist engineers and developers of bitcoin.

High-profile supporters of the platform include Block CEO Jack Dorsey, who made a $5 million pledge in July 2023. Prior to the US Securities and Exchange Commission approving VanEck’s spot BTC exchange-traded product on January 10, the company announced that it would donate 5% of the investment vehicle’s earnings to the creators of the Bitcoin core.

In September 2023, the asset management team promised Ethereum core developers something similar. In the fourth quarter of 2023, Coinbase recorded $905 million in net revenue, a 45% rise over the previous quarter. JPMorgan analysts downgraded the shares of the cryptocurrency exchange in January, but on February 15th, they upgraded the company from underweight to neutral.