Tech mogul Jack Dorsey has pledged $5 million to the cause of helping assist Bitcoin (BTC) protocol development.
Brink, a project devoted to strengthening the Bitcoin protocol and network through research and development, announced on Twitter last week that it will receive $1 million in funding each year for the next five years from Dorsey’s public LLC fund “#smartsmall.”
The fund donated the first $1 million payment on June 14th, according to a Google Sheets document Dorsey uses to track its donations. Brink notes the cash will support its developer funding efforts.
Brink says on its website that it is “100% funded by donations from individuals and organizations who wish to support the open source Bitcoin network and protocol.”
Dorsey, the billionaire co-founder and former CEO of Twitter, has long been one of Bitcoin’s highest-profile supporters.
Just last week, top US crypto exchange Coinbase announced plans to integrate Bitkey, a self-custody wallet developed by Dorsey’s fintech company, Block. Dorsey plugged the new partnership on Twitter.
“Buy Bitcoin from an exchange and move it to a hardware key you control.”
Dorsey’s #smartsmall fund was initially set up as a fund for global COVID-19 relief. The Twitter co-founder said in 2020 that the focus would shift to girls’ health and education and universal basic income (UBI) after the pandemic.
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