Coinbase, a cryptocurrency exchange, has contributed $3.6 million to Brink, a nonprofit organization that backs developers for the Bitcoin blockchain.
In a X post on February 16, Brink acknowledged Coinbase CEO Brian Armstrong and the exchange’s team for their donation towards “Bitcoin development funding efforts.” Brink emphasized that the donation comes with “no strings attached” and will aid engineers engaged in open-source development for the BTC blockchain.
Brink is excited to announce a $3.6m donation to our #Bitcoin development funding efforts from GiveCrypto!
— Brink (@bitcoinbrink) February 16, 2024
Thank you to @brian_armstrong and the @coinbase team as well as @johnhering and @FEhrsam for your support in making this happen!
Armstrong launched Coinbase’s GiveCrypto initiative in 2018, which facilitated the donation to Brink. However, in December 2023, the exchange announced its plan to wind down the platform, citing difficulties in creating lasting change solely through unconditional cash transfers.
Established in 2020, Brink provides fellowship and grant programs to support Bitcoin developers and engineers. The platform has garnered support from notable figures such as Block CEO Jack Dorsey, who pledged $5 million in July 2023.
Prior to the approval of its spot BTC exchange-traded product by the United States Securities and Exchange Commission on January 10, VanEck committed to donating 5% of profits from the investment vehicle to Bitcoin core developers. A similar pledge was made to Ethereum core developers by the asset manager in September 2023.
Coinbase reported a net revenue of $905 million in the fourth quarter of 2023, marking a 45% increase over Q3. On February 15, JPMorgan analysts revised their rating of the crypto exchange’s stock from underweight to neutral, reversing their initial downgrade from January.