Jack Dorsey and Kraken Back New Fund for Bitcoin Developers

Bitcoin developers John Newbery and Mike Schmidt created an independent nonprofit organization, Brink, to support their colleagues. Kraken, the exchange, has allocated $150,000 for the first grant recipient.

Hello world!

Today we launch Brink, a totally independent nonprofit organization to fund and support open source Bitcoin protocol development. pic.twitter.com/vDLSiavaUP

— Brink (@bitcoinbrink) November 24, 2020

Initial funding was provided by investors John Pfeffer and Xapo’s CEO Wences Casares.

Also, financial support for the initiative will come from Square Crypto, led by Jack Dorsey; the Gemini exchange; and the Human Rights Foundation.

The Brink founders said their operating model would increase decentralization of Bitcoin development and strengthen the ecosystem of the first cryptocurrency.

Among the project’s key features:

• The board of directors will assess grant applicants based on the history of their contributions and their potential. Recipients will have no obligations to other organizations or individuals.
• Recipients of fellowships will receive mentorship and training for a year.
• Sponsors will be assured that their donations are used effectively, without the need to undergo a burdensome process of due diligence, evaluation and administration.
• Donors may be eligible for tax benefits on their donations if permitted by U.S. authorities. Brink plans to become the first such organization in the Bitcoin industry.

Earlier in November Square Crypto provided a grant to the Bitcoin wallet interface designer Maggie Valentine.

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