Brink to receive $5M from Jack Dorsey’s Relief Fund for Bitcoin project.
The CEO of Block, Jack Dorsey, and his Start Small funding group have once again provided support to a project focused on Bitcoin. This comes after Brink recently announced that the Start Small fund has pledged to donate $5 million to its cause.
Brink, a nonprofit organization, shared the announcement in a tweet on June 14. However, the donation will be given in increments, as Dorsey and Start Small promise to donate $1 million annually for the next five years.
The nonprofit’s main focus is to support open-source Bitcoin developers and engineers. Therefore, the fund will be used to strengthen its efforts in that regard. It is worth noting that this is not Brink’s first donation since its launch 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 cryptocurrency funds have become increasingly popular in recent times. Dorsey launched the Start Small Fund during the COVID-19 pandemic, claiming to have seeded the fund with $1 billion. As of press time, the fund holds approximately $1.4 billion in funding, having distributed over $515 million to startup projects. According to Start Small’s website, some of its beneficiaries include the Tor Project, the Signal Technology Foundation, and the Calyx Institute, a digital privacy education platform.
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Interestingly, other firms in the cryptocurrency space have also embraced the idea of relief funds to encourage developers to come out of their shells. Animoca Brands is reportedly putting together a $2 billion fund for startups, while Dogecoin (DOGE) launched a $360,000 fund in December 2022 to support core developers.
