Twitter founder Jack Dorsey has strengthened his support to the Bitcoin ecosystem with a new financing pledge to Brink.
Twitter founder Jack Dorsey has pledged additional funding to Brink, a Web3.0 center that supports network engineers, as part of his ongoing commitment to the Bitcoin ecosystem. Dorsey pledged a total amount of $5 million, and it will be distributed in five equal installments of $1 million each.
Dorsey, well-known in the IT industry, is the founder and CEO of Block Inc., a payments firm that powers CashApp and facilitates Bitcoin trading.
He has been investing millions of dollars over the past three years to promote the use and adoption of Bitcoin. This made him one of the prominent Bitcoin maximalists.
In a CNBC interview from 2021, Dorsey expressed his dedication to Bitcoin, stating that there was nothing more important for him to work on in his lifetime.
His involvement with Bitcoin and the cryptocurrency ecosystem has a significant impact on the stock price of Block Inc. This is notable even though the company has a diverse business focus as a payment provider.
Block Inc.’s stock experienced a downgrade by Mizuho analyst Dan Dolev in December of the previous year, reflecting the volatility of the market and its impact on related stores.
Other companies in the crypto industry, such as Microstrategy Inc. and Coinbase Global Inc., also face similar challenges due to their connection to Bitcoin
