As bitcoin and the larger crypto industry moves into a new period of growth and maturity, it is more important than ever before for development projects to be supported. This is because more people than ever will make use of bitcoin, both as a currency and as a blockchain system and thus, the network will need to be built upon and improved to accommodate the influx of users.
Nexo is taking a step in this direction by financially backing Bitcoin development with a donation to Brink, a nonprofit that supports the open-source development of bitcoin.
Creating the Future of Bitcoin
Nexo works as a financial services provider for digital assets and this donation is in a bid to support blockchain development globally. Brink, on the other hand, works to provide financial support to researchers and developers who specialize in Bitcoin development.
Two of its notable programs include the Brink fellowship program that brings in prominent developers from other disciplines and integrates them into the Bitcoin space.
Its grant program offers support to developers who are already in the Bitcoin space. This is not the first prominent donation that Brink has received. In fact, the donation from Nexo matches or exceed previous donations that were made by Jack Dorsey’s Square, Gemini, Kraken, and the Human Rights Foundation.
According to Antoni Trenchev, Co-founder and Managing Partner of Nexo, this donation is a commitment to the development of the original crypto that birthed the industry we know today.
- “There are surprisingly few crypto businesses who give back to the Bitcoin community by supporting development work. Mostly it’s exchanges, and even then we’re missing some really big names. We’re proud to be part of such an exclusive club, but we also believe the industry should do more. What if some of the public companies that recently started allocating billions to BTC also put a small percentage of that, say 0.25%, in support of Bitcoin development,”
John Newbery, the Co-Founder and Executive Director of Brink, stated that the security of Bitcoin can only be assured through the efforts of open source developers, and thus, they need as much support, especially financially, as they can get.
- “Brink was built with the exact purpose of helping individuals and companies support independent Bitcoin development, and we always welcome more contributions to this cause,”