Jack Dorsey, CEO of social media powerhouse Twitter, donated 1 Bitcoin (BTC) to Brink, a nonprofit group focused on Bitcoin’s tech framework.
“Honored to have received a donation of 1 BTC to our developer fundraising efforts from none other than @jack !,” Brink’s Twitter account posted Tuesday. At the time of publication, this Bitcoin is worth $ 46,824.
Reports earlier this month showed that the newly formed organization was granted 503 (c) (3) nonprofit status from the Internal Revenue Service, giving Brink a break from federal taxation.
The entity seeks to advance Bitcoin by helping its developers, as stated on Brink’s website:
“Brink exists to strengthen the Bitcoin protocol and network through basic research and development, and to support the Bitcoin developer community through funding, education and mentorship.”
Dorsey has already expressed interest in Bitcoin. In 2020, he called the active white paper poetic. In fall 2020, Square – another team led by Dorsey – also unveiled a $ 50 million allocation to BTC. Dorsey took 16th place on TBEN’s list of the top 100 people in the crypto industry this year.