Coinbase Supports Bitcoin Developers with $3.6 Million Donation Through Brink
This donation was made through Coinbase’s GiveCrypto initiative, which the exchange announced in December it intended to conclude. The digital currency exchange Coinbase has donated $3.6 million to Brink, a nonprofit supporting Bitcoin blockchain developers. In a February 16 X post, Brink thanked Coinbase CEO Brian Armstrong and the exchange team for their financial contribution to Bitcoin development efforts. This platform mentioned that the donation comes with no strings attached and supports engineers working on open-source development for the BTC blockchain.
The GiveCrypto initiative by Coinbase, used to facilitate the donation to Brink, was launched by Armstrong in 2018. The exchange announced in December 2023 its intention to discontinue the platform after failing to create sustainable change purely through unconditional cash transfers. Founded in 2020, Brink offers scholarship programs and grants to support Bitcoin developers and engineers. The platform has had notable supporters, including Block CEO Jack Dorsey, who committed $5 million in July 2023, before the United States Securities and Exchange Commission approved its BTC exchange-traded product on January 10. VanEck stated that it would give 5% of the profits from its investment vehicle to Bitcoin core developers before making a similar commitment to Ethereum core developers in September 2023.
Coinbase reported a net income of $905 million in the fourth quarter of 2023, a 45% increase from the third quarter. On February 15, J.P. Morgan analysts upgraded the crypto exchange’s stock rating from underweight to neutral after an initial drop in stock value in January.
