Jack Dorsey, CEO of Twitter’s social networking powerhouse, contributed 1 Bitcoin (BTC) to Brink, a non-profit organization focusing on Bitcoin’s technical system.
“Honored to have received a 1 BTC donation to our developer funding efforts from none other than @jack!,” Brink’s Twitter account posted on Tuesday. At the time of publication, that Bitcoin is worth $46,824.
Data earlier this month shows the newly formed company obtaining 503(c)(3) non-profit designation from the Internal Revenue Service, granting Brink a break on federal taxes.
The organization is looking to further Bitcoin by supporting its creators, as reported on Brink’s website:
“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.”
Dorsey has also shown confidence in Bitcoin. In 2020, he referred to the white paper of the asset as romantic. In the fall of 2020, Square—another Dorsey-leading outfit—also unveiled the donation of $50 million to BTC. This year, Dorsey took the 16th position in Cointelegraph’s ranking of the top 100 individuals in the crypto industry.