Coinbase’s Donation to Brink
Coinbase’s philanthropic arm, GiveCrypto, has announced a significant donation of $3.6 million to the Bitcoin-supporting nonprofit, Brink. This donation, revealed in a post by Brink on February 16, is aimed at supporting the open-source development efforts related to Bitcoin.
What is GiveCrypto?
GiveCrypto was originally established as a nonprofit organization with the mission of distributing crypto to people in poverty. However, in December, Coinbase announced the termination of GiveCrypto, citing its inability to create a sustained impact. The organization found that recipients returned to the same economic baseline after the payments ceased. As a result, Coinbase decided to allocate the remaining funds between Brink and another charity platform named GiveDirectly.
Brink’s Bitcoin Development Efforts
Brink, established in 2020, is dedicated to advancing Bitcoin through research and development efforts and providing support to the Bitcoin developer community. Founded by Bitcoin developers John Newbery and Mike Schmidt, Brink operates a fellowship program to integrate new software engineers into Bitcoin development and a grants program intended for existing engineers.
According to Brink co-founder Mike Schmidt, Coinbase’s donation is one of the largest single Bitcoin developer donations in history. This significant contribution will enable Brink to continue its mission of supporting the Bitcoin developer ecosystem through funding, education, and mentoring.
Brink has previously received support from Jack Dorsey’s Smart Small funding initiative and investment firm VanEck, further demonstrating the industry’s recognition of its important work.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
