Jack Dorsey backs bitcoin development with $5m investment

Jack Dorsey, the Twitter co-founder, made a commitment to support bitcoin developers by pledging $5,000,000.

The funds will be distributed over a span of five years, with an annual contribution of $1,000,000, as stated by Brink’s recent announcement on Twitter.

More support for bitcoin

Block CEO Jack Dorsey and his philanthropic organization Start Small have committed to a substantial $5 million donation to Brink, an organization established in 2020, dedicated to providing fellowship and grant programs aimed at bolstering the community of open-source bitcoin developers and engineers.

In addition to notable crypto advocate Jack Dorsey, digital asset companies like Nexo have also contributed to Brink as part of their initiatives to support bitcoin developers.

Brink took to Twitter on June 14 to announce that Dorsey and Start Small will contribute $1 million annually over the next five years as part of their ongoing efforts to fund developers. 

Dorsey launched Start Small in April 2020 with an initial $1 billion to combat the covid19 pandemic, and the fund currently boasts over $1.4 billion in funding, with more than $500 million already allocated to various projects, including the Tor Project, Signal Technology Foundation, and the Calyx Institute.

By engaging in this initiative, Dorsey reaffirms his dedication to nurturing innovation and progress in the realm of cryptocurrencies, underscoring his unwavering support for the widespread adoption and evolution of bitcoin and related technologies.

Dorsey further emphasized his stance in a June 13 tweet, where he shared that “Apple build on and with bitcoin would benefit their company immensely.” He adds Apple is great at taking early technologies and making them simple for everyone.

A self-custody solution announcement released in tandem 

This investment comes just shortly after Coinbase revealed its collaboration with Bitkey, the self-custody bitcoin wallet app developed by Jack Dorsey’s Block. This partnership aims to provide customers with the convenience of purchasing bitcoin while retaining control over their private keys.

Through this integration, Bitkey users will have the ability to buy, sell, and transfer bitcoin using Coinbase Pay directly on their mobile app or hardware wallet.

Although the platform is currently undergoing beta testing, a public launch is scheduled for later this year.