Jack Dorsey’s Start Small funding group has made a generous $5 million donation to Brink, a Bitcoin-focused nonprofit organization concentrating on supporting the cryptocurrency’s developers. The funds will be distributed as $1 million annual donations over the next five years, going towards developer funding efforts. Dorsey, who is also the CEO of Block, launched Start Small in 2020 to help combat the COVID-19 pandemic and seeded the fund with $1 billion. To date, the fund has distributed more than $500 million to various projects, such as the Tor Project, Signal Technology Foundation, and the Calyx Institute.
Brink, established in 2020, provides fellowship and grant programs designed to aid open-source Bitcoin (BTC) engineers and developers in their work. Firms like Nexo, as well as popular crypto proponents like Dorsey, have contributed significant donations to the organization in an attempt to bolster developer efforts for the leading cryptocurrency.
It’s worth noting that other companies within the crypto and blockchain sectors have also established funds and measures to encourage developers to come forward and innovate within the industry. For instance, DOGE initiated a fund for its core developers in December 2022 with a noteworthy $360,000. On the other hand, metaverse developer Animoca Brands announced plans to establish a billion-dollar fund for startups in the space.
The impact of Start Small’s generous donation to Brink is undeniable, especially considering the potential it has to improve the Bitcoin ecosystem and support its continued growth. While some may argue that the donation’s focus is limited to the developers, others could rightly appreciate the foresight and commitment to sustaining the technology itself, ultimately benefiting the wider crypto community.
In conclusion, Dorsey’s Start Small funding group, combined with its $5 million donation to the Brink nonprofit organization, serves as a testament to the ongoing commitment and support for innovative minds dedicating their time and resources to the cryptocurrency sector. This investment in developers will not only have a direct impact on Bitcoin and its technological progress but will also inspire other industry players to create funds and initiatives, nurturing future breakthroughs and innovations in the ever-evolving world of cryptocurrencies.
Source: Cointelegraph
