Key Takeaways
- $3.6 million donation was facilitated through GiveCrypto, an initiative by Coinbase designed to provide cryptocurrencies to those in need.
- Funds will be used to support the ongoing development efforts of Bitcoin engineers.
Coinbase, the largest cryptocurrency exchange in the United States, has made a significant donation of $3.6 million to Brink, a non-profit organization aimed at supporting the Bitcoin developer community. Brink, founded in 2020, offers fellowship and grant programs to assist Bitcoin developers and engineers.
The announcement of Coinbase’s donation was shared by Brink on Friday, February 16, via a post on social media platform X. In their statement, Brink expressed heartfelt gratitude to Coinbase’s CEO, Brian Armstrong, and the entire team at the exchange for their generous contribution.
According to Brink, the donated funds come with no strings attached and will be directed towards supporting the ongoing development efforts of Bitcoin engineers. Remarkably, the $3.6 million donation was facilitated through GiveCrypto, an initiative by Coinbase designed to provide cryptocurrencies to those in need.
Coinbase’s decision to contribute to Brink follows the exchange’s announcement in December that it would sunset its GiveCrypto initiative due to its inability to create a lasting impact with recipients. As part of this decision, all remaining GiveCrypto funds were earmarked for donation to Brink and GiveDirectly, another charitable organization. Brink, with its focus on bolstering the Bitcoin software and protocol, was deemed a fitting recipient for the funds.
This philanthropic gesture by Coinbase comes on the heels of the exchange’s robust financial performance, with reported revenue of $905 million in the fourth quarter of 2023, marking a significant 45% increase from the previous quarter.
Coinbase’s donation to Brink reflects a broader trend of organizations stepping up to support Bitcoin developers. VanEck, a prominent issuer of new Bitcoin exchange-traded funds (ETFs), recently pledged to donate 5% of profits from its BTC fund to core developers on the Bitcoin blockchain.
