Jack Dorsey has become a big name in the Bitcoin (BTC) community in recent years. The former CEO of Twitter has long been known as a strong supporter of Bitcoin, but since leaving the popular social media platform, he seems to have shifted the focus more towards the decentralized network. Not long after this decision, his company Square was renamed ‘Block’ with an extra focus on Bitcoin and blockchain. However, many will not be aware of the fact that the billionaire also has his own support fund. He is now using this to advance the development of Bitcoin.
$5 million donation to Bitcoin developers
In April 2020, Dorsey launched his own grant fund called ‘Start Small’ in an effort to fight the COVID-19 pandemic. At the time, the Bitcoin fan indicated that he had allocated $1 billion to this fund.
According to the website from Start Small, the fund currently has more than $1.4 billion in funding, of which more than $500 million has been distributed to projects including the Tor Project – the nonprofit behind the anonymous Tor Browser – the Signal Technology Foundation, which powers the privacy-focused Signal messaging app, and the Calyx Institute, a digital privacy education platform.
Now Dorsey seems to want to boost Bitcoin development with a donation of $5 million over five years to Brink. Founded in 2020, Brink offers fellowship and grant programs to support open source Bitcoin developers and engineers.
Honored to receive a very generous $5,000,000 pledge to our developer funding efforts from @jack and #startsmall
Brink will receive $1,000,000 per year for the next 5 years.
Thank you for supporting #bitcoin developers!
— Brink (@bitcoinbrink) June 14, 2023
Crypto lending platform Nexo has also previously made donations to Brink to support Bitcoin developers.
Jack Dorsey considers ETH a security
The Twitter founder also took up a spot in the crypto news last week after he made a statement that did not sit well with the community of Bitcoin’s ‘competitor’. In the midst of a new discussion within the crypto community about which crypto coins might be a security, either security, can be considered, Dorsey also made himself heard. He stated that in his opinion ethereum (ETH) should be seen as an asset.
The general discussion has started after the American Securities and Exchange Commission (SEC) has labeled a huge list of cryptocurrencies as security in the charges against both Binance and Coinbase.