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Marathon Digital Holdings Inc., a digital-asset company that supports the Bitcoin ecosystem, is teaming up with Brink Technology to raise $1 million to support Bitcoin Core developers that maintain the Bitcoin protocol. Brink Technology works to strengthen the Bitcoin protocol and network.
The Bitcoin protocol enables Bitcoin to function as a decentralized, peer-to-peer payment network by setting the rules and processes that govern the Bitcoin network. The protocol is maintained and improved by a global community of volunteer developers known as Bitcoin Core developers.
As part of its fundraising efforts, Marathon will match all donations up to an aggregate of $500,000 through 2023, for a total potential donation amount of $1 million when combined with third-party donations.
“The Core developers are the unsung heroes of the Bitcoin ecosystem,” Mike Schmidt, cofounder and executive director of Brink, says in a statement. “Brink exists to strengthen the Bitcoin protocol and network and to support the Bitcoin developer community through funding, education, and mentoring. These dedicated individuals often work behind the scenes voluntarily to maintain and enhance the security of the Bitcoin protocol and network. This campaign and Marathon’s match provide an avenue for the Bitcoin community to acknowledge and lend their financial support to these talented developers, who make it all possible.”
In related news, Block Inc. chief executive Jack Dorsey is investing $6 million in Bitcoin payments firm Azteco, which focuses on making it easier for unbanked populations to use Bitcoin.
Consumers can buy an Azteco voucher online or at a physical merchant location, then redeem the voucher for Bitcoin. The model is similar to buying a gift card or a mobile-phone topup, the company says. Consumers can purchase Azteco vouchers in 195 countries. Azteco plans to use the funding to build out its product and expand its offerings in Latin America and Europe.
“The unbanked population is immense. We have the technology and resources to close this gap, but until now, no one has taken that important next step,” Dorsey says in a statement. “Azteco is providing so much more than just access to a secure financial system. It is building an ecosystem of financial self-determination that is secure and supported by local communities.”
Other investors in Azteco include Lightning Ventures, Hivemind Ventures, Ride Wave Ventures, Aleka Capital, Visary Capital, Gaingels, and serial entrepreneur Sunil Rajaraman.
