Nexo donates $150,000 and calls on other companies to support the open source Bitcoin development

  • Nexo made a donation of $150,000 to Brink to support open source Bitcoin development.
  • Antoni Trenchev is calling on companies that have invested in Bitcoin to donate to its development and maintenance.

Nexo, a regulated digital asset financial institution based in London with $5 billion in assets under management, has made a $150,000 donation to Brink to support open source Bitcoin development.

As Nexo stated in a blog post, “the nature of Bitcoin is such that once version 0.1 was released, the core design was set in stone for the rest of its lifetime,” as Satoshi Nakamoto wrote in 2010 on “Yet Bitcoin is far from done” and requires continuous maintenance, which is why Antoni Trenchev, co-founder and managing partner of Nexo, decided to make the donation.

With the donation, Nexo also launched an indirect appeal to all companies that have invested in and benefit from Bitcoin. Trenchev said:

There are surprisingly few crypto businesses who give back to the Bitcoin community by supporting development work. Mostly it’s exchanges, and even then we’re missing some really big names.

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?

The role of Brink for the Bitcoin development

Although probably known to few, Brink plays a vital role in the further development of Bitcoin as an open source software. For example, Brink manages several programs aimed at providing financial support to developers and researchers working on Bitcoin. One example is the Brink Fellowship program, which introduces exceptional developers from other fields to the world of Bitcoin development.  In addition, Brink also supports fellowship programs for Bitcoin Core employees.

Nexo’s $150,000 donation matches or exceeds previous pledges to Brink from Jack Dorsey’s Square, Gemini, Kraken and the Human Rights Foundation. The funds are to be used later this month to support an independent bitcoin developer through the grants program. Trenchev stated:

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.

About Author

Jake Simmons has been a crypto enthusiast since 2016, and since hearing about Bitcoin and blockchain technology, he's been involved with the subject every day. Beyond cryptocurrencies, Jake studied computer science and worked for 2 years for a startup in the blockchain sector. At CNF he is responsible for technical issues. His goal is to make the world aware of cryptocurrencies in a simple and understandable way.

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