Coinbase, a top exchange for digital currencies, has given $3.6 million to Brink, a non-profit aiming to grow the Bitcoin protocol. This big gift, through the GiveCrypto program of Coinbase, shows a deep dedication to helping the network behind Bitcoin. Bitcoin is the original and most notable digital currency.
What is Coinbase’s GiveCrypto?
Brian Armstrong, boss of Coinbase, started GiveCrypto in 2018 to help people with money troubles using cryptocurrency. This program tried to prove how useful and flexible these virtual currencies can be by giving them straight to folks who needed help. However, in December 2023, Coinbase said it would be shutting down GiveCrypto. They found it tough to make a lasting difference just by handing out cash without conditions.
A New Direction for Giving
With the end of GiveCrypto in sight, Coinbase decided to give what was left to two important groups: Brink, which is involved in developing Bitcoin, and GiveDirectly, which gives cash straight to the poor. This change shows that Coinbase is thinking hard about where it gives money. They want to back things that will last in the crypto world and also get aid directly to those less fortunate.
About Brink
Brink, created in 2020, leads the charge in making Bitcoin better. The group’s main goal is to make sure Bitcoin has a strong future. They do this by researching, starting projects, and helping developers working on improving the Bitcoin protocol. Brink’s efforts include giving fellowships to up-and-coming software minds and providing funds for experienced coders, which are key inbringing new people into the Bitcoin development world and helping with new ideas.
Bigger Impact: Brink Gets More Reach
Coinbase just gave $3.6 million to Brink, which will really help them support Bitcoin developers. This money means Brink can:
- Give more chances for newcomers to learn about Bitcoin development.
- Up their game with grants that help projects make Bitcoin better.
- Make sure Bitcoin stays strong and safe by upgrading the software it runs on.
Past Help and What’s Next
Before this, Brink got a big check from Jack Dorsey’s Start Small, like $5 million, and VanEck said they’d give 5% of their Bitcoin ETF profits to folks working on Bitcoin full-time. With Coinbase also pitching in now, it’s clear that the crypto world is getting how important it is to put money into the tech and the people keeping Bitcoin going.
Bitcoin Development Keeps Moving Forward
The cash from Coinbase to Brink isn’t just about the bucks; it shows everyone agrees we’ve gotta keep investing in the tech behind Bitcoin. As crypto keeps changing, developers are super key in keeping Bitcoin up-to-date. The backup from groups like Coinbase makes sure these smart cookies have what they need to bring new stuff to the table, tackle problems, and help Bitcoin keep on trucking.
Final Thoughts
This marks a big moment in the world of crypto giving. Coinbase is doing more than just helping to make Bitcoin itself better, they’re also pushing forward the whole crypto game. As we go ahead, these bits of help aren’t only gonna beef up Bitcoin right now, but they’ll keep the whole crypto scene strong and creative for a long time.
Celine Brooks is a renowned journalist and author specializing in cryptocurrency and blockchain technology. She holds a Master’s degree in Economics from Harvard University and is very passionate about Crypto. Celine regularly hosts webinars and workshops, sharing her insights and forecasts about the evolving digital currency landscape. She is also an active contributor to several leading financial and tech publications, where she breaks down complex crypto trends into understandable insights for everyday investors.