Coinbase, the largest cryptocurrency exchange in the United States, has donated $3.6 million to Brink, a non-profit organization aimed at supporting the Bitcoin developer community.
Brink To Funnel Donations Toward Bitcoin Core Developers
On Friday, February 16, Brink shared – via a post on X – this significant monetary contribution by Coinbase. The non-profit organization took to the social media platform to thank Coinbase’s 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 toward its engineers and their development work on the Bitcoin network. Interestingly, the $3.6 million came through GiveCrypto, a Coinbase initiative designed to give out cryptocurrencies to those in need.
The US-based exchange announced in December that it was sunsetting the GiveCrypto initiative due to its inability “to create a lasting impact with recipients.“ Coinbase disclosed 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 will experience sustained benefits.
This donation comes just a few days after Coinbase reported a $905 million revenue in the fourth quarter of 2023, representing a 45% increase from the third quarter.
Coinbase is not the only organization to pledge monetary support to Bitcoin developers in recent times. VanEck, one of the new Bitcoin ETF issues, promised it would give 5% of profits from its BTC fund to core developers on the pioneer blockchain.
Coinbase CEO Lays Out Plans For 2024
In a recent post on X, Coinbase CEO Brian Armstrong offered an insight into what the exchange has already achieved and will look to accomplish in the new year. Bitcoin ETFs are now the second largest commodity ETFs in the U.S. (behind gold), and we custody around 90% of the ~$37B in Bitcoin ETF assets, Armstrong said.
A few thoughts on our Q4 Earnings yesterday:
2023 was a great year for Coinbase and we’re in a strong financial position. We cut costs by 45% y/y and shipped products faster with a leaner team driving $95 million of positive net income for 2023, $964 million in positive Adj.… pic.twitter.com/XK8f0EQBdP
— Brian Armstrong (@brian_armstrong) February 16, 2024
The CEO said that the exchange will focus on driving up its trading fee revenue with international expansion and derivatives. Armstrong added:
We’ll also focus on driving utility in crypto with payments (for instance, you can now send USDC instantly for free on Base) and by developing Coinbase Wallet into an on-chain super app.
This has begun to reflect in the stock price (COIN) of the US-based crypto company. At the end of Friday’s trading session, Coinbase shares were valued at around $180, representing a 27% growth in the past week.
COIN at $180.31 on the daily timeframe | Source: COIN chart on TradingView
Featured image from Shutterstock, chart from TradingView
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