Brink, an independent non-profit organization, has received $1 million from a former Coinbase engineer, Craig Hammell, to support Bitcoin development.
Announcing the donation in a tweet, Brink noted that the sum will be used to provide support to independent open-source Bitcoin developers.
Brink’s Bitcoin Developer Funding Efforts
Brink was founded by former Chaincode Labs developer John Newberry, along with Bitcoin Optech contributor Mike Schmidt. It is a 501(c)(3) non-profit organization that allocates grants to independent Bitcoin core developers.
Bitcoin’s open-source development is largely volunteer-driven, with many independent developers working to secure the network. With bitcoin’s market cap currently valued at more than $760 billion, more users depend on the work of these developers to ensure that the Bitcoin protocol and network is secure and updated.
Hence, Brink seeks to distribute funds donated by companies and individuals who want to contribute to Bitcoin development but cannot deal with the hassles of creating and managing a grant program.
Brink receives the funds and grants them to fully vetted and trained developers. This way, independent developers can fully focus on improving and strengthening the Bitcoin network.
The organization has received donations from some of the big names in the crypto industry, including Nexo, Kraken, Gemini, and Block (formerly Square). In October, the Stacks Foundation announced that it would stack 1.3 million STX for Brink, which is estimated to yield about $165,000 BTC in a year.
Bitcoin Adoption Rate Continues to Increase
With bitcoin’s popularity witnessing exponential growth in recent times, several organizations and countries are recognizing its potential and adopting it.
Earlier this week, the Central African Republic (CAR) made headlines as the first African country to adopt bitcoin as a legal tender. Following in the footsteps of El Salvador, the CAR revealed that it will be regulating its digital assets and allowing its use alongside local currency for payments and settlements.
Ukraine has also decided to legalize the use of bitcoin in the country amid its ongoing conflict with Russia. Since then, millions of donations in crypto have poured in from several parts of the world to support the Ukrainian military.
