Bitcoin-Focused Project Brink to Get $5M Donation from Jack Dorsey’s Relief Fund
Coinspeaker
Bitcoin-Focused Project Brink to Get $5M Donation from Jack Dorsey’s Relief Fund
Block CEO Jack Dorsey and his Start Small funding group have yet again lent support to a Bitcoin-focused project. This follows after a recent announcement by Brink revealed that the Start Small fund has committed to donating $5 million to its cause.
Brink, which is a nonprofit organization, shared the announcement in a June 14 tweet. According to the tweet, however, the donation will come in bits. This is as Dorsey and Start Small promise to donate $1 million yearly over the next five years.
The nonprofit is primarily focused on supporting open-source Bitcoin developers and engineers. And as such, will be using the fund to bolster its efforts in that regard. However, it might be worth noting that this is not the first donation Brink is securing since launching in 2020.
The nonprofit has also received donations from digital assets firm Nexo.
Brink: A Beneficiary of Fast-Growing Crypto Fund Ideas in the Blockchain Space
It should be noted that crypto funds have grown increasingly popular in recent times. Dorsey had launched the Start Small Fund in the heat of the COVID-19 pandemic. At the time, the then-Twitter CEO claimed to have seeded the fund with $1 billion.
As of press time, however, the fund holds about $1.4 billion in funding, having distributed over $515 million to startup projects. Per Start Small’s website, some of its beneficiaries include the Tor Project – the nonprofit that backs the anonymous Tor Browser, the Signal Technology Foundation – backers of the private messaging app Signal, and the Calyx Institute, a digital privacy education platform.
Interestingly, other firms within the crypto space have also caught on to the idea of relief funds in a bid to encourage developers to come out of their shells. To this end, Animoca Brands is reportedly putting a $2 billion fund together for startups. Dogecoin (DOGE) also launched a $360,000 fund in December 2022. The fund is aimed at supporting core developers.
Bitcoin-Focused Project Brink to Get $5M Donation from Jack Dorsey’s Relief Fund