Cryptocurrency exchange Coinbase has bestowed a generous sum of £3.6 million upon Brink, a non-profit organisation that extends support to developers contributing to the Bitcoin blockchain.
In a post dated February 16th on X, Brink acknowledged Coinbase CEO Brian Armstrong and the exchange’s team for their contribution towards “Bitcoin developing funding efforts.”
The platform emphasised that the donation came with “no strings attached” and would bolster the endeavours of engineers involved in open-source development for the BTC blockchain.
Coinbase’s GiveCrypto initiative, spearheaded by Armstrong in 2018, facilitated the donation to Brink.
However, the exchange disclosed in December 2023 its intention to phase out the platform due to its inability to effect enduring change solely through unconditional cash transfers.
Established in 2020, Brink offers fellowship and grant programmes aimed at bolstering Bitcoin developers and engineers.
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Noteworthy backers of the platform include 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 10th, VanEck announced its commitment to allocate 5% of profits from the investment vehicle to Bitcoin core developers.
This asset management firm made a comparable pledge to Ethereum core developers in September 2023.
Coinbase disclosed a net revenue of £905 million in the fourth quarter of 2023, marking a 45% increase over Q3.
On February 15th, JPMorgan analysts revised their rating of the crypto exchange’s stock from underweight to neutral, having initially downgraded the shares in January.
