Brink, a nonprofit organization aimed at supporting Bitcoin developers, has announced a $5 million donation from Block CEO, jack dorseyand his funding group Start Small.
In a June 14 tweet, Brink said that Dorsey and Start Small pledged to make $1 million in annual donations for the next five years as part of “developer funding efforts.” Prior to his departure as CEO of Twitter, Dorsey launched the fund in April 2020 in an effort to fight the COVID-19 pandemic. At the time, the CEO of Twitter said that he had financed the fund with a billion dollars.
According to Start Small’s website, the fund had more than $1.4 billion in funding at press time, with more than $500 million distributed across projects. These projects include the Tor Project, the nonprofit behind the anonymous Tor browser, the Signal Technology Foundation, which backs the Signal messaging app, and the Calyx Institute, a digital privacy education platform.
Brink will receive $1,000,000 per year for the next 5 years.
Thank you for supporting #bitcoin developers!
—Brink (@bitcoinbrink) June 14, 2023
Founded in 2020, Brink offers scholarship and grant programs to support Bitcoin developers and engineers (BTC) open source. In addition to cryptocurrency supporters like Dorsey, digital asset firms like Nexo have previously made donations to the group as part of efforts to support the BTC developer ecosystem.
Different companies within the cryptocurrency and blockchain space have made similar efforts to start funds that encourage developers to come out of thin air. Dogecoin (DOGE) started a core developer fund in December 2022 with $360,000, and metaverse developer Animoca Brands reportedly planned a $1 billion fund for startups.
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