To sponsor Bitcoin’s [BTC] development; here’s what FTX is doing

At a time when Bitcoin and the crypto industry faces the threat of premature regulation that can potentially chill innovation and create unexpected outcomes, it is important that prominent platforms step in work towards the growth of the community. As the regulatory landscape evolves, over the past couple of years, several organizations have campaigned and supported developers and engineers of Bitcoin via various fellowship as well as grant programs. Running parallel to this trend, one of the world’s leading derivatives platforms, FTX has unveiled a partnership with Brink, an organization that aids in funding the open-source developer community of Bitcoin [BTC]. The official announcement revealed that the main objective is to sponsor the development of Bitcoin.

As part of the partnership, FTX has announced a $150K/year three-year commitment that aims to bear the cost of Bitcoin developers going through their fellowship with Brink Technology.  

Today we're announcing a $150K/year three-year commitment to @bitcoinbrink, a not-for-profit organization dedicated to supporting the #Bitcoin community through a developer fellowships and grants.

Excited to put our bitcoin where our mouth is.https://t.co/jFBoXsf3z3 pic.twitter.com/edfCyFGpaI

— FTX (@FTX_Official) August 13, 2021

FTX’s generation contribution

The 29-year old ambitious billionaire who happens to be the founder and CEO of FTX Sam Bankman-Fried stated that Bitcoin is foundational to the entire crypto space, and went on to add Brink’s initiatives with respect to work recruiting and supporting a new generation of talent to keep the network strong. He also commented,

“We believe educational programs and opportunities for research like this are essential and this partnership represents one of many initiatives FTX plans to make to further educate those looking to find ways to be a part of this new and expanding field.”

With the latest move, FTX now joins a growing list of cryptocurrency companies that are currently working to keep the open-source working of Bitcoin Core contributors well supported. However, this is the first such instance of the firm making a multi-year donation commitment.

Besides, FTX had recently raised a massive $900 million funding, one of the largest in the history of the crypto market. Since then CEO has been working on strategic expansion of the exchange in the global space while offering different services.

Strengthening the Bitcoin ecosystem

Brink aims to strengthen the Bitcoin protocol and network with the help of fundamental research and development. The platform also supports the Bitcoin developer community through funding, education, and mentoring.

Talking about Brink’s mission and the partnership with FTX, John Newbery, the co-founder of the not-for-profit organization stated,

“Brink’s mission is to provide support to open-source developers and strengthen the Bitcoin protocol and network. We’re delighted that FTX is the first donor to commit to multiple years of funding, giving us the financial stability to make long term investments in Bitcoin’s open-source developer community.”

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