- August 16, 2021
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
Sam Bankman-Fried stunned the crypto community by investing a whopping $450,000 to support Bitcoin development. In addition, the entrepreneur is sponsoring a nonprofit organization that backs Bitcoin coders for 3 years with $150,000 per year.
This nonprofit organization called Brink provides funds to the open-source community focusing on Bitcoin development.
With the donation, Brink will sponsor the bitcoin coders passing through its fellowship programs. This FTX sponsorship marks the first “multi-year donations that the organization has recorded since inception.
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In a statement from the 29-year-old crypto entrepreneur, BTC remains the foundation of the whole crypto industry. So, Brink’s work is commendable because the organization is trying to keep the network stronger and longer.
Brink Facilitates Bitcoin Development
Brink is a nonprofit organization that focuses on funding the Bitcoin developer community. The whole purpose of the organization is to further Bitcoin development. So, every developer pursuing the same goals is qualified to benefit from the fund after assessment.
The daily chart shows BTC is down by 1% after enjoying an incredible journey last week | Source: BTCUSD on TradingView.com
The organization is the brainchild of John Newbery, a Bitcoin developer and supporter. The aim behind Brink is to keep the BTC network stronger and make it a global currency.
Three of the top executives of Brink are Newbery, Mike Schmidt, a BTC Optech associate, and Dave Harding, a Bitcoin tech writer.
In addition, brink gives out grants to different developers who work on diverse bitcoin projects. It also helps new Bitcoin developers to join fellowship programs and mentoring to horn their skills.
The people who funded the organization at the beginning include investors Wences Casares and John Pfeffer. Also, Square Crypto and Gemini provided funding for the first 2 fellows, while Kraken funded the first every Brink grant.
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Brink started with an experimental funding model that expects funds from diverse sources. Initially, bitcoin organizations usually give grants to BTC developers directly. But with this organization, many enthusiasts can pool funds together to encourage developers to do more.
FTX Joins Other Players To Push BTC Development
When it comes to BTC, many firms understand that it is the foundation of the whole industry. This is why many of them in the crypto space have been contributing their quota to the project. These contributions are aimed at supporting the BTC Core open-source contributors to keep the network going.
Amid Square Crypto, Nexo, Gemini, etc., FTX is the first to make a donation that will run into years. But, according to Bankman-Fried, programs such as Brink’s are critical to pushing the industry further.
While reacting to the donation, the Brink co-founder founder John Newberry stated that the organization appreciates such a long-term commitment to BTC development to sponsor more developers.
This is not the first time Bankman-Fried has lived up to his philosophy of “earning-to-give.” He has been known to sponsor big shots such as Joe Biden, Reed Hastings of Netflix, and Eric Schmidt of Google.
Featured image from Pixabay, and chart from TradingView.com
