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- Brink, a Bitcoin nonprofit, secured $5 million from Jack Dorsey’s Smart Small funding program to provide grants and aid independent Bitcoin developers.
- The allocated funding, amounting to $1 million per year, will span a period of five years. Its primary objective is to ensure the continuity of current grantees while also considering the possibility of accommodating additional qualified applicants.
Brink, the Bitcoin nonprofit organization, has successfully secured a remarkable $5 million investment from Jack Dorsey’s esteemed Smart Small funding initiative. This substantial funding will enable Brink to continue its unwavering support for independent Bitcoin developers.
With this infusion of capital, Brink plans to channel the funds towards its grants program, thereby ensuring the sustainability of its current Bitcoin developer grantees. Additionally, Brink aims to identify and welcome new grant applicants who exhibit exceptional qualifications, further strengthening its community of grantees. The organization’s co-founder, Mike Schmidt, expressed great enthusiasm, affirming the collective commitment to advancing the Bitcoin ecosystem.
The funding will be disbursed incrementally, with $1 million allocated annually over the course of five years. This strategic approach ensures consistent financial backing for Brink’s initiatives, reinforcing its long-term vision for bolstering Bitcoin development.
This momentous investment in Brink comes as a result of Jack Dorsey’s visionary decision back in April 2020, when he pledged $1 billion of his equity in Block (now known as Square) to establish the Smart Small fund. Originally designed to support Covid-19 relief efforts, the fund’s scope has since expanded to encompass various impactful projects beyond the pandemic. With a substantial funding pool of $1.4 billion, Smart Small has already allocated $515 million, leaving an impressive $900 million available for further investments. Notably, the fund has actively supported technology projects focused on privacy, such as the renowned Tor project and the secure messaging app Signal.
Founded in 2020, Brink is committed to driving innovation within the Bitcoin protocol through extensive research and development efforts, as well as providing invaluable support to the Bitcoin developer community. The organization’s fellowship program serves as a platform for onboarding talented software engineers into the realm of Bitcoin development. Furthermore, Brink’s grants program serves as a vital lifeline for existing Bitcoin developers, empowering them to bring their groundbreaking ideas to fruition.
Brink’s recent collaboration with Bitcoin developer Fabian Jahr, who previously received funding from the esteemed crypto exchange Okcoin, exemplifies the organization’s ongoing dedication to nurturing and propelling the Bitcoin developer ecosystem.