Ending of GiveCrypto Initiative
Coinbase has made a pivotal change in its philanthropic strategy by concluding its GiveCrypto initiative, which was aimed at donating cryptocurrency to those in poverty. The closure of the program in December was a result of its insufficient impact on creating sustainable change.
Allocation of Remaining Assets
In the wake of discontinuing GiveCrypto, Coinbase has announced its plan to partition the remaining assets. The beneficiaries include Brink, a nonprofit dedicated to Bitcoin’s evolution, and GiveDirectly, a charity focused on direct donations. However, the specific details of the allocation were kept under wraps initially.
Brink’s Mission and Coinbase’s Contribution
Founded in 2020, Brink’s core mission revolves around the advancement of the Bitcoin protocol by supporting research, development, and the Bitcoin developer community. With Coinbase’s $3.6 million donation, Brink is set to bolster its efforts in nurturing Bitcoin codebase enhancements.
Support for the Developer Ecosystem
Brink is renowned for its fellowship program, which aims to immerse new software engineers into Bitcoin development, and its grants program for experienced developers. The contribution from Coinbase is poised to augment these initiatives significantly.
Previous Funding and Future Prospects
Prior to Coinbase’s donation, Brink had already secured substantial funding, including a $5 million boost from Jack Dorsey’s Start Small initiative and a commitment from investment firm VanEck to allocate 5% of its Bitcoin ETF profits. Brink’s Co-Founder, Mike Schmidt, expressed his gratitude and excitement for the future, citing the Coinbase donation as one of the largest to support Bitcoin open source development.
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