Coinbase is donating $3.6 million to Bitcoin-focused nonprofit Brink, completing its GiveCrypto initiative to distribute cryptocurrencies to poor people.
The company shut down GiveCrypto in December, citing its failure to make a lasting impact.
While Brink stated its intention to split the remaining assets between Brink and charity platform GiveDirectly, specific allocations were not initially disclosed.
Founded in 2020, Brink's mission is to improve the Bitcoin (BTC) protocol through research, development, and support for the Bitcoin developer community. It offers a scholarship to integrate new software developers into Bitcoin development and a scholarship program for experienced developers.
Brink plans to use Coinbase's donation to support its developers as they continue to work on the Bitcoin codebase.
Brink previously received significant funding, including $5 million from Jack Dorsey's Start Small funding initiative in June 2023 and a commitment from investment firm VanEck in January to donate 5% of its spot Bitcoin ETF profits to the nonprofit.
“Brink is pleased to receive one of the largest Bitcoin open source developer donations from one of the largest companies in the industry, Coinbase. “With these funds, we will continue our mission to support the Bitcoin developer ecosystem through funding, education and mentorship,” said Mike Schmidt, co-founder of Brink, expressing excitement about Coinbase’s contribution.
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