Jack Dorsey – Head of social media heavyweight Twitter – has reportedly completed his donation of 1 Bitcoin (BTC) to Brink, a nonprofit entity dedicated to Bitcoin’s technological framework.
Specifically, the official Twitter account of Brink has reportedly posted a tweet sharing about the initiative from Dorsey, which read “Honored to have received a 1 BTC donation to our developer funding efforts from none other than @jack!”. The BTC has an equivalent value of $46,824 at the time of the tweet.
Insights from reports in the beginning of February reportedly showed that the newly formed entity received 503(c)(3) nonprofit status from the Internal Revenue Service, which was a break for Brink regarding federal taxation.
The group reportedly turns to Bitcoin in an attempt to offer assistance to its developers, as disclosed via 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 reportedly shown his attention for Bitcoin in the past. In 2020, he used the word “poetic” to describe the crypto coin’s white paper. During the fall of last year, Square – an additional establishment under the management of Dorsey – also disclosed its allocation plan for a $50 million fund to BTC.
Dorsey has reportedly also claimed the 16th rank in the list of the top 100 individuals across the crypto sphere of 2021, put together by Cointelegraph.