Twitter founder Jack Dorsey is unrelenting in his bid to support the development of the Bitcoin protocol and he has made a new funding commitment to Brink, a Web3.0 hub that supports developers in the network.
The Jack Dorsey Commitment
As the blockchain startup revealed, the total funding commitment pledged by Jack Dorsey is pegged at a total of $5,000,000. As agreed, the funding will be split over 5 years with $1 million disbursed per year.
Jack Dorsey is a prominent name in the tech world and while he is known as the founder and pioneering Chief Executive Officer of Twitter, he is also the founder and CEO of Block Inc (NYSE: SQ), the payments company behind CashApp which supports Bitcoin trading.
Jack Dorsey is known as one of the most renowned Bitcoin maximalists and he is committed to open source development of the premier digital currency. Over the past few years, the billionaire tech leader has committed millions of dollars to advance the overall reach and adoption of the industry's largest digital currency.
Jack Dorsey has made a number of commitments in the past few years all summarized in his comment to CNBC in an interview back in 2021 that there is nothing 'more important in my lifetime to work on'.
Martyr for Bitcoin
Bitcoin is a highly volatile digital currency in an uncertain and evolving market. While Jack Dorsey's Block has a diversified business focus as a payment firm, its embrace of Bitcoin and Dorsey's affiliation to the crypto ecosystem often impact on the shares of the company.
As reported earlier by Coingape, Block Inc SQ received a downgrade on its stock by Mizuho analyst, Dan Dolev on account of the broad market inconsistency as of December last year. Despite not being a primary crypto offering firm, the sentiments in the market has an underlying impact on the firm's stock.
Jack Dorsey's Block Inc cannot be tagged the only corporate martyr for Bitcoin as other associated stocks including Microstrategy Inc and Coinbase Global Inc are also embroiled in this reality.