Coinbase, the largest cryptocurrency exchange in the United States, has donated $3.6 million to Brink, a nonprofit organization aimed at supporting the bitcoin developer community.
Brink to funnel donations to core bitcoin developers
On Friday, February 16, Brink shared – via a post on X – this significant monetary contribution from Coinbase. The non-profit organization took to the social media platform to thank Coinbase CEO Brian Armstrong and the exchange's team.
According to Brink, the donated funds come with no strings attached and the money will be channeled towards their engineers and their development work on the bitcoin network. Interestingly, the $3.6 million came from GiveCrypto, a Coinbase initiative designed to distribute cryptocurrency to those who need it.
The US-based exchange announced in December that it would end the GiveCrypto initiative due to its inability “to create a lasting impact on recipients.” Coinbase revealed at the time:
All remaining GiveCrypto funds will be donated to Brink and GiveDirectly. Brink is working to strengthen the bitcoin software and protocol, and GiveDirectly is better equipped to ensure crypto donations reach those who need them most and experience sustained benefits.
This donation comes just days after Coinbase reported revenue of $905 million in the fourth quarter of 2023, representing a 45% increase from the third quarter.
Coinbase is not the only organization that has promised monetary support to bitcoin developers in recent times. VanEck, one of the new bitcoin ETF issues, promised that it would give 5% of its btc fund profits to the main developers of the pioneering blockchain.
Coinbase CEO presents plans for 2024
In a recent publish in X, Coinbase CEO Brian Armstrong offered insight into what the exchange has already accomplished and will look to accomplish in the new year. bitcoin ETFs are now the second largest commodity ETFs in the US (behind gold), and we custody about 90% of the ~$37 billion in bitcoin ETF assets, Armstrong said.
Some thoughts on our fourth quarter earnings yesterday:
2023 was a great year for Coinbase and we are in a strong financial position. We cut costs by 45% year-over-year and shipped products faster with a more agile team that generated $95 million of positive net revenue by 2023, $964 million of positive adjustments… pic.twitter.com/XK8f0EQBdP
– Brian Armstrong (@brian_armstrong) February 16, 2024
The CEO said the exchange will focus on increasing its trading commission income with international expansion and derivatives. Armstrong added:
We will also focus on boosting the utility of cryptocurrencies with payments (for example, you can now send USDC instantly and for free on Base) and developing Coinbase Wallet into a super on-chain app.
This has started bitcoin-etfs-boosts-coinbase-coin-shares-as-jpmorgan-upgrades-rating/” target=”_blank” rel=”noopener nofollow”>be reflected in the share price (COIN) of the US-based crypto company. At the end of the trading session on Friday, Coinbase shares were valued at around $180, representing a growth of 27% over the past week.
COIN at $180.31 on the daily timeframe | Source: COIN chart on TradingView
Featured image from Shutterstock, chart from TradingView
