Nexo Commits to Supporting Open Source Bitcoin Development with $150K Donation to Brink
London, March 15, 2021 – Nexo – the leading digital finance institution with over $5 billion in assets under management, has made a donation of $150 000 to Brink, an international nonprofit organization focused on supporting Bitcoin development and enhancement through funding, education and mentoring of IT developers from across the world.
The funds will be deployed later in the month through the Grants program to support an established Bitcoin developer who will work on the maintenance, security and stability of the base protocol (Bitcoin Core), as well as research and develop the extending functionality, scalability and usability of Bitcoin and related projects.
‘The $150 000 donation to Brink marks Nexo’s commitment to open-source funding and supporting Bitcoin, the original cryptocurrency that spawned a trillion dollar industry,’ said Antoni Trenchev, Co-founder and Managing Partner of Nexo. ‘There are surprisingly few crypto businesses who give back the Bitcoin community by supporting development work. 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?’
‘We’re delighted that another major industry player is supporting open source development,’ added John Newbery, Co-founder and Executive Director of Brink. ‘Bitcoin’s security depends on the experience and dedication of open source protocol developers. 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.’
Nexo’s donation of $150 000 matches or exceeds previous commitments to Brink by Square, Gemini, Kraken and Human Rights Foundation. Created and developed by Bulgarians in Bulgaria, the world leader continues to support with this donation the cause-driven development of expertise and skills with a global impact.
Nexo is the world’s leading regulated financial institution for digital assets. The company’s mission is to maximize the value and utility of cryptocurrencies by offering tax-efficient ‘Instant Crypto Credit Lines’, high-yield ‘Earn Interest’ products, ‘Send & Pay’, and sophisticated trading and OTC capabilities, while providing top-tier custodial insurance and military-grade security of the Nexo Wallet. Nexo manages assets amounting to $5+ billion for over 1М users across 200+ jurisdictions, and has processed over $20 billion since its launch in 2018. Official website: https://nexo.io
Brink exists to strengthen the Bitcoin protocol and network through fundamental research and development, and to support the Bitcoin developer community through funding, education, and mentoring. We support and mentor new contributors to open source Bitcoin development through our fellowship program, and support the work of established Bitcoin protocol engineers through our grants program.