Digital assets management platform Nexo is stepping up its support for the Bitcoin ecosystem, making a 1 BTC donation to the nonprofit organization Brink, which provides funding to developers working on Bitcoin Core.
The announcement was made on“HODL Day”, which is a celebration that’s dedicated to the long-term commitment of Bitcoin’s far-flung community of “hodlers”, who believe passionately in the future of crypto and are confident its value is only going to increase over the long term.
While a great many crypto lovers share that sentiment, Bitcoin will only be able to retain its status as the king of digital money if it gets the funds it needs to ensure its long-term development, and that’s where Brink plays a key role.
Founded four years ago, Brink is dedicated to providing financial support to Bitcoin developers through a grants program. Its grants go to developers who are committed to “building, securing, testing and reviewing the Bitcoin Core software”, which is what powers the Bitcoin blockchain.
Brink is reliant entirely on community donations, and it uses some of that money to identify and address critical vulnerabilities and bugs in the Bitcoin Core software. It also supports developers who carry out regular maintenance work on the underlying code.
Nexo, which offers tools for users to buy, sell, invest in and trade crypto, as well as borrow against their assets, believes that Brink plays a critical role in ensuring the health of Bitcoin. It says its 1 BTC contribution is a reflection of its own dedication to the security and decentralization of the world’s most important crypto asset.
The donation was valued at approximately $105,000 at the time it was bequeathed to Brink, though Nexo points out that it’s likely to appreciate over time, as history has shown us. As such, it believes the donation reflects the ideal of “hodling”, which is a term used to describe those who hold onto value and watch it grow over time.
Nexo points out that it’s essential for the crypto community to support Brink and others like it, as the ongoing development of Bitcoin Core is critical to the health and resilience of Bitcoin. If the software isn’t continuously improved, Bitcoin’s network will likely suffer from threats such as node crashes and vulnerabilities.
The funding is a big chunk of change for Brink, amounting to around 7% of its $1.5 million funding goal this year. Brink’s executive director Mike Schmidt was extremely appreciative of the gesture, saying that the money will be used to “support our engineer’s work of securing Bitcoin’s software through their efforts of fuzz testing, code review and other projects”.
The money will go directly to the developers that perform this work, ensuring they remain motivated to uphold the integrity of the Bitcoin network on its user’s behalf.
Nexo’s chief product officer Elitsa Taskova hailed the Bitcoin Core developers as the “unsung guardians” of Bitcoin, and by funding them, the company is helping to ensure it remains the most secure and innovative decentralized asset.
“Stepping in to support critical development work that relies on contributions like these to move forward is crucial for the digital asset industry,” she said. “We hope it inspires others to recognize the importance of funding Bitcoin Core development for securing the network’s future for millions worldwide.“
The donation represents Nexo’s second major contribution to Brink. Back in March 2021, it donated $150,000 worth of BTC to the organization.
Image by Benjamin Nelan from Pixabay
