Cryptocurrency exchange Coinbase has donated $3.6 million to Brink, a nonprofit organization supporting developers for the Bitcoin blockchain.
In a Feb. 16 X post, Brink credited Coinbase CEO Brian Armstrong and the exchange’s team for donating to “Bitcoin developing funding efforts.” The platform said the donation had “no strings attached” and would support engineers working on open-source development for the BTC blockchain.
Coinbase’s GiveCrypto initiative, used to facilitate the Brink donation, was launched by Armstrong in 2018. The exchange announced in December 2023 that it planned to wind down the platform after being “unable to create lasting change purely through unconditional cash transfers.”
Founded in 2020, Brink offers fellowship and grant programs to support Bitcoin developers and engineers. The platform has had high-profile backers, including Block CEO Jack Dorsey, who pledged $5 million in July 2023.
Before the United States Securities and Exchange Commission approved its spot BTC exchange-traded product on Jan. 10, VanEck said it would give 5% of profits from the investment vehicle to Bitcoin core developers. The asset manager made a similar pledge to Ethereum core developers in September 2023.
Coinbase reported its net revenue was $905 million in the fourth quarter of 2023, a 45% increase over Q3. On Feb. 15, JPMorgan analysts changed the rating of the crypto exchange’s stock from underweight to neutral after it initially downgraded the shares in January.