FTX Founder Sam Bankman-Fried Supports Bitcoin Development With $ 450,000 Donation

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Sam Bankman-Fried stunned the crypto community by investing $ 450,000 to support the development of Bitcoin. Additionally, the entrepreneur is sponsoring a non-profit organization that supports Bitcoin coders for 3 years with $ 150,000 per year.

This non-profit organization called Brink provides funds to the open source community with a focus on the development of Bitcoin.

With this donation, Brink will sponsor bitcoin coders going through its scholarship programs. This FTX sponsorship marks the first multi-year donations that the organization has recorded since its inception.

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In a statement from the 29-year-old crypto entrepreneur, BTC remains the bedrock of the entire crypto industry. Thus, Brink’s work is commendable as the organization tries to keep the network stronger and longer.

Brink facilitates the development of Bitcoin

Brink is a non-profit organization focused on funding the Bitcoin developer community. The goal of the organization is to continue the development of Bitcoin. Thus, any developer pursuing the same objectives is qualified to benefit from the fund after evaluation.

Daily Chart Shows BTC Down 1% After Enjoying Amazing Trip Last Week | Source: BTCUSD on TradingView.com

The organization is the brainchild of John Newbery, a developer and supporter of Bitcoin. The goal behind Brink is to keep the BTC network stronger and make it a global currency.

Three of Brink’s senior executives are Newbery, Mike Schmidt, a partner at BTC Optech, and Dave Harding, a Bitcoin tech writer.

In addition, Brink gives grants to different developers who are working on various bitcoin projects. It also helps new Bitcoin developers join scholarship and mentoring programs to showcase their skills.

The people who initially funded the organization are investors Wences Casares and John Pfeffer. Additionally, Square Crypto and Gemini funded the first 2 fellows, while Kraken funded the first of each Brink grant.

Related reading | Bitcoin Mining difficulty score rises again as BTC continues its uptrend

Brink started out with an experimental funding model that awaits funding from a variety of sources. Initially, Bitcoin organizations typically give grants directly to BTC developers. But with this organization, many enthusiasts can pool funds to encourage developers to do more.

FTX Joins Other Players to Drive BTC Development

When it comes to BTC, many companies understand that it is the foundation of the entire industry. This is why many of them in the crypto space have contributed their quota to the project. These contributions aim to help open source contributors to BTC Core keep the network running.

In the midst of Square Crypto, Nexo, Gemini, etc., FTX is the first to donate that will last for years. But, according to Bankman-Fried, programs like Brink’s are key to pushing the industry further.

While responding to the donation, Brink co-founder John Newberry said the organization appreciates such a long-term commitment to BTC development to sponsor more developers.

This is not the first time that Bankman-Fried has lived up to its “win-to-give” philosophy. He’s known to sponsor big names like Joe Biden, Netflix’s Reed Hastings, and Google’s Eric Schmidt.

Featured image from Pixabay and chart from TradingView.com

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