Bitcoin Development Boost: FTX Is Donating $450K to Brink

Sam Bankman-Fried's crypto exchange is committing to a three-year sponsorship of the coding nonprofit.

Aug 13, 2021 at 2:15 p.m. UTC
Updated Sep 14, 2021 at 1:39 p.m. UTC

FTX is sponsoring the development of the thing that brought us here: Bitcoin.

  • The cryptocurrency exchange is committing $150,000 a year for the next three years to Brink, an organization that helps fund Bitcoin's open-source developer community, according to an announcement on Friday.
  • "Bitcoin is foundational to the entire crypto space, and Brink is doing phenomenal work recruiting and supporting a new generation of talent to keep the network strong," FTX founder Sam Bankman-Fried said in a statement.
  • Brink launched in 2020 with funding from the Human Rights Foundation, Square Crypto and crypto exchange Gemini. Crypto lender Nexo and others have chipped in since then.
  • FTX joins a growing list of crypto firms stepping up to the plate to keep the open-source work of Bitcoin Core contributors well supported. It is the first company to make a multiyear donation commitment.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.