Billionaire Twitter co-founder Jack Dorsey plans to allocate more capital to the Bitcoin ecosystem after pledging $5 million to the network’s core developers through his grantmaking organization Start Small.

The firm will distribute the funds to the Bitcoin development non-profit, Brink, over the next five years in $1 million annual installments. 

According to its website, Brink exists to “support the Bitcoin developer community through funding, education, and mentoring.” 
“We are 100% funded by donations from individuals and organizations who wish to support the open-source Bitcoin network and protocol,” the site states.
Unlike many blockchain projects, Bitcoin lacks any committed founder, foundation, or company with a financial stake in the protocol’s success. 
As such, donations and charity are largely required to support the developers who maintain its codebase, who often rotate. 
“Brink is very grateful for this extended pledge to support our Bitcoin developer funding efforts,” said Brink co-founder Mike Schmidt. “We can help make Bitcoin development a sustainable career for the talented developers that are building, securing, testing, and reviewing the Bitcoin Core codebase.”
Last year, Jack Dorsey launched a legal defense fund to defend Bitcoin developers to fight back against lawsuits from self-proclaimed Bitcoin founder Craig Wright. 
In 2021, he teamed with Jay-Z to launch a 500 BTC blind trust to assist Bitcoin development teams in Africa and India.  
On Thursday, Dorsey’s payment company Block unveiled the beta for its self-custody Bitcoin wallet Bitkey, which will feature special integrations with Coinbase and CashApp. 

Bitcoin and nostr are the only two truly censorship resistant technologies at scale. https://t.co/0O1oihSRaz

— jack (@jack) June 16, 2023

The post Jack Dorsey’s Fund Pledges $5 Million to Bitcoin Developers appeared first on CryptoPotato.

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Filed under: Bitcoin - @ June 18, 2023 11:15 pm