Coinbase Donates $3.6M to Bitcoin Developer Support Nonprofit Brink; Reveals 45% Q4 Revenue Increase
Summary:
Coinbase, a leading cryptocurrency exchange, donated $3.6 million to Brink, a nonprofit that supports Bitcoin blockchain developers. The donation was made via GiveCrypto, a Coinbase initiative set up in 2018. Brink, established in 2020, offers grants and fellowship programs to Bitcoin developers. Additionally, Coinbase revealed its Q4 2023 net revenue was $905 million, up 45% from Q3. Analysts at JPMorgan also changed the rating of Coinbase’s stock from underweight to neutral.
Coinbase, a prominent cryptocurrency exchange, has given a noteworthy donation of $3.6 million to Brink, a nonprofit entity that provides support to Bitcoin (BTC) blockchain developers. Brink expressed its gratitude in a Feb. 16 post, acknowledging CEO of Coinbase, Brian Armstrong, and his team for their generous contribution towards the fund for Bitcoin development. The nonprofit made it clear that the donation came without stipulations, and it would be channeled towards benefiting engineers involved in open-source developments on the BTC blockchain
The donation was secured through GiveCrypto, a Coinbase initiative conceived by Armstrong in 2018. This was announced in December 2023 as the exchange revealed its plans to phase out the platform after failing to create enduring change strictly through unconditional cash gifts.
Established in the year 2020, Brink offers grants as well as fellowship programs aimed at supporting Bitcoin’s developers and engineers. Counted amongst its prominent supporters is Block's CEO Jack Dorsey, who made a commitment of $5 million in July 2023.
Before receiving approval from the United States Securities and Exchange Commission for its spot BTC exchange-traded product on the 10th of January, VanEck pledged to donate 5% of the product's profits to Bitcoin core developers. The investment firm also made a similar promise to Ethereum core developers in September 2023.
Coinbase disclosed that its net revenue for Q4 of 2023 amounted to $905 million, signifying a 45% upsurge from Q3. On the 15th of February, analysts at JPMorgan altered the rating of Coinbase’s stock from being classified as underweight to a neutral position after the shares were initially downgraded in January.
Published At
2/17/2024 12:55:49 AM
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