Blockstream Alumnus Mike Schmidt Backed Brink Raises $150,000

Wednesday 25 November 2020, 12:57 AM AEST - 1 month ago

Blockstream Alumnus Mike Schmidt Backed Brink Raises $150,000advertisementWorld Markets

Brink, a non-profit organization aiming to fund and support open-source Bitcoin protocol development was launched today with the backing of former Blockstream alumnus Mike Schmidt and former Chaincode Labs developer John Newbery. Dave Harding, a well renowned Bitcoin technical writer would act as the independent director for the non-profit organization.

The organization aims to raise funds and issue grants using those funds to bitcoin developers working on the bitcoin open-source protocol development. The official Twitter account for the organization also revealed that they would be launching a fellowship program to invest in the future of bitcoin development, where the organization would train future contributors on how to become an impactful bitcoin developer in near future.

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 Receives Support From Crypto Community

Brink is using a fairly experimental model of funding to offer grants and fellowship to developers. The non-profit organization has received its first donation from popular cryptocurrency exchange Kraken worth $150,000. The official Twitter account thanked for their first donations and said,

@krakenfx have provided funding for our first grant. Thatll be enough to support an experienced protocol developer to work for a year. The devs we fund will review, test, and fix bugs, improving the security of Bitcoin for all users. You rock,@krakenfx

🎉 Kraken is proud to be supporting great open-source #Bitcoin development.

That's why we're donating $150,000 to @bitcoinbrink, a new developer training center launching today.

— Kraken Exchange (@krakenfx)

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