Twitter and Square CEO Jack Dorsey has pledged $5 million to Brink, a leading funder of open-source Bitcoin developers, according to a report by Alisa Hertig for Decrypt.
The donation, to be disbursed over five years, will be made through Dorsey’s Start Small initiative, originally established in 2020 for COVID-19 relief efforts.
The Decrypt report points out that Brink plays a pivotal role in the Bitcoin network by providing grants to core developers, enabling them to dedicate their full-time efforts to the world’s largest cryptocurrency. This funding is crucial for the continuous improvement and expansion of the Bitcoin network, which relies on a global network of developers for its operation and enhancement.
Dorsey’s donation is part of his ongoing commitment to support Bitcoin development. Over the past few years, he has donated millions to various Bitcoin improvement initiatives, including Spiral and OpenSats, both non-profits dedicated to open-source Bitcoin development. Dorsey also funded the development of Nostr, a decentralized social media protocol gaining traction recently.
Founded in 2020 by former Chaincode Labs developer John Newbery and Blockstream alumnus Mike Schmidt, Brink has emerged as a top funder of Bitcoin developers. The organization aims to strengthen the Bitcoin protocol and network through fundamental research and development and to support the Bitcoin developer community through funding, education, and mentoring. Dorsey’s donation underscores the importance of such organizations in the growth and sustainability of the Bitcoin ecosystem.
On Thursday (June 15, 2023), Coinbase announced that it had entered into “a global partnership with Bitkey, Block’s self-custody bitcoin wallet.”
Block Inc, previously known as Square Inc, is a technology conglomerate of American origin that was established in 2009 by Jack Dorsey and Jim McKelvey. The company introduced its initial platform in 2010 and has been publicly traded on the New York Stock Exchange since November 2015, using the ticker symbol SQ. Dorsey is the CEO of Block.
Coinbase’s blog post mentioned that “this partnership will integrate Coinbase Pay’s ability to transfer existing bitcoin and buy/sell bitcoin powered by Coinbase in the Bitkey self-custody wallet, that includes a mobile app, hardware device, and set of recovery tools, allowing customers to easily own and manage their bitcoin.”