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Coinbase’s $1m ‘One of Largest Single Donations’ to Public Goods on Gitcoin

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Coinbase’s $1m ‘One of Largest Single Donations’ to Public Goods on Gitcoin


Coinbase, an American
cryptocurrency exchange, has committed $1 million for digital public goods in
partnership with Gitcoin, a community of builders, creators, and protocols at
the center of open web ecosystems.

The exchange announced
the support on Wednesday in a statement.

Digital public goods are
open-source software that support open-source protocols.

Coinbase said the
monetary support is “one of the largest single donations to the public goods
treasury in Gitcoin history.”

The American firm noted
that the fund was jointly provided by Coinbase Giving, its charity arm, and
Coinbase Cloud, its service that provides secure and reliable blockchain
infrastructure to power the next generation of software builders.

With the funding, the
exchange explained, it joined a growing list of popular platforms such
as the Ethereum Foundation, ENS, Optimism, NounsDAO, and Polygons as one of the
largest donors supporting cryptoeconomy’s infrastructure.

The exchange further
reiterated its commitment to building a cryptoeconomy with equitable access for
all, adding that investing in and backing secure public infrastructure was a
critical component of this task.

“Our efforts are spread
across a variety of teams at Coinbase, including Coinbase Giving, Coinbase
Cloud, and developer relations, all of whom share the goal of improving digital
public goods for the cryptoeconomy,” Coinbase said in the statement.

Gitcoin’s QF Round

Coinbase said in its bid
to advance economic freedom around the world, $200,000 from the donation would
be allocated to Gitcoin’s upcoming Grants Round 14 Quadratic Funding (QF) match
pool.

“Thanks in part to
Coinbase’s contribution, the upcoming Grants Round main will include a new pool
specifically dedicated to funding and scaling Ethereum protocol development,”
the exchange said.

QF is a funding model
that complements the traditional grant programmes in multiple blockchain
communities. This model, which often occurs in “rounds” during a set period of
time, allows everyday members of a community to decide where the funding goes.

‘If Web3 Was a City’

In his reaction to the
development, Scott Moore, the Co-Founder and Head of Ecosystem Development at
Gitcoin, praised Coinbase’s commitment to funding and empowering developers in
the ecosystem to build for the public good.

“If web3 was a city, then
open source software is its infrastructure — the roads, bridges, and electrical
grids it relies on,” Moore said.

“But just like a city,
to create the kind of thriving, interconnected web3 we want to see, we all need
to do our part to maintain it,” he added.

Meanwhile, in its recent moves, Coinbase became the official cryptocurrency partner of Seattle Storm, an American professional basketball team; and also launched the Coinbase Institute, a global crypto-native think tank.

Coinbase, an American
cryptocurrency exchange, has committed $1 million for digital public goods in
partnership with Gitcoin, a community of builders, creators, and protocols at
the center of open web ecosystems.

The exchange announced
the support on Wednesday in a statement.

Digital public goods are
open-source software that support open-source protocols.

Coinbase said the
monetary support is “one of the largest single donations to the public goods
treasury in Gitcoin history.”

The American firm noted
that the fund was jointly provided by Coinbase Giving, its charity arm, and
Coinbase Cloud, its service that provides secure and reliable blockchain
infrastructure to power the next generation of software builders.

With the funding, the
exchange explained, it joined a growing list of popular platforms such
as the Ethereum Foundation, ENS, Optimism, NounsDAO, and Polygons as one of the
largest donors supporting cryptoeconomy’s infrastructure.

The exchange further
reiterated its commitment to building a cryptoeconomy with equitable access for
all, adding that investing in and backing secure public infrastructure was a
critical component of this task.

“Our efforts are spread
across a variety of teams at Coinbase, including Coinbase Giving, Coinbase
Cloud, and developer relations, all of whom share the goal of improving digital
public goods for the cryptoeconomy,” Coinbase said in the statement.

Gitcoin’s QF Round

Coinbase said in its bid
to advance economic freedom around the world, $200,000 from the donation would
be allocated to Gitcoin’s upcoming Grants Round 14 Quadratic Funding (QF) match
pool.

“Thanks in part to
Coinbase’s contribution, the upcoming Grants Round main will include a new pool
specifically dedicated to funding and scaling Ethereum protocol development,”
the exchange said.

QF is a funding model
that complements the traditional grant programmes in multiple blockchain
communities. This model, which often occurs in “rounds” during a set period of
time, allows everyday members of a community to decide where the funding goes.

‘If Web3 Was a City’

In his reaction to the
development, Scott Moore, the Co-Founder and Head of Ecosystem Development at
Gitcoin, praised Coinbase’s commitment to funding and empowering developers in
the ecosystem to build for the public good.

“If web3 was a city, then
open source software is its infrastructure — the roads, bridges, and electrical
grids it relies on,” Moore said.

“But just like a city,
to create the kind of thriving, interconnected web3 we want to see, we all need
to do our part to maintain it,” he added.

Meanwhile, in its recent moves, Coinbase became the official cryptocurrency partner of Seattle Storm, an American professional basketball team; and also launched the Coinbase Institute, a global crypto-native think tank.

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