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Billionaire Twitter co-founder Jack Dorsey intends to invest additional resources into the Bitcoin ecosystem after committing $5 million to the network’s core developers via his grantmaking organization Start Small.
The organization will allocate the funds to the Bitcoin development non-profit, Brink, over the next five years in annual installments of $1 million.
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- As stated on its website, Brink aims to “support the Bitcoin developer community through funding, education, and mentoring.”
- “We are entirely funded by contributions from individuals and organizations that wish to support the open-source Bitcoin network and protocol,” the site indicates.
- In contrast to numerous blockchain initiatives, Bitcoin does not have a dedicated founder, foundation, or company with a financial interest in the protocol’s success.
- Consequently, donations and charitable contributions are essential to sustain the developers who manage its codebase, which often sees personnel changes.
- “Brink is extremely appreciative of this ongoing commitment to bolster our Bitcoin developer funding initiatives,” remarked Brink co-founder Mike Schmidt. “We can assist in making Bitcoin development a viable career for the skilled developers who are building, securing, testing, and reviewing the Bitcoin Core codebase.”
- Last year, Jack Dorsey established a legal defense fund to protect Bitcoin developers against lawsuits from self-identified Bitcoin founder Craig Wright.
- In 2021, he collaborated with Jay-Z to create a 500 BTC blind trust to support Bitcoin development teams in Africa and India.
- On Thursday, Dorsey’s payment company Block introduced the beta version of its self-custody Bitcoin wallet Bitkey, which will include special integrations with Coinbase and CashApp.
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