Crypto financial and lending service business Nexo has offered Brink, an independent, non-profit organization that focuses on Bitcoin (BTC) development, a £107,580 grant. A report unveiled this news on March 11, noting that Nexo’s contribution has seen it join the likes of Square, OKcoin, Gemini, Kraken, and Coinbase, which have contributed millions to fund open-source BTC development. Reportedly, Brink will use the £107,580 to support another BTC developer in its upcoming funding round later this month.
Explaining why Nexo decided to offer Brink the grant, the firm’s co-founder and managing partner, Antoni Trenchev said,
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Thanks to Bitcoin’s spectacular rally over the past months, we’ve reached that long-awaited stage where institutional investors and retail clients alike are flooding into the crypto space en masse.
He added that the influx of institutional investors continues straining the Bitcoin protocol. To ensure Bitcoin transactions are seamless, the network has to undergo constant development, which requires funding. To this end, key actors in the crypto economy must allocate time, effort, and funds to offer the Bitcoin network a healthy and sustainable future.
BTC adoption
True Trenchev’s observation, the corporate world is increasingly joining the crypto bandwagon. Due to BTC’s stellar performance, firms such as Tesla and MicroStrategy purchased significant amounts of BTC to diversify their portfolios and hedge against inflation. Through these investments, the firms prompted other mainstream companies to consider BTC adoption.
Goldman Sachs Group Inc. is the most recent institution to explore BTC adoption. According to the bank’s President and Chief Operating Officer, John Waldron, clients have been increasingly demanding that the bank offer them an avenue to own and invest in BTC. To this end, the bank decided to explore BTC integration while remaining compliant. Apart from this, the bank is also exploring a BTC ETF and has allegedly issued a request for information to study digital asset custody.
Waldron added that the bank is proactively engaging regulators and central banks to come up with regulations for banks that deal with digital assets. Explaining why the bank has decided to explore crypto integration, Waldron said that the COVID-19 pandemic caused an explosion in online commerce and this effect is set to continue, facilitating the use of digital currencies.