VanEck To Donate 5% Of BTC ETF Profits To Bitcoin Core Developers

Asset management firm VanEck has stated that it will donate 5% of the profits generated from its spot Bitcoin ETF (if approved) towards supporting core Bitcoin developers. 

VanEck has also made a similar pledge to Ethereum developers with respect to its Ether Futures ETF. 

VanEck To Donate 5% Of Profits 

The pledge by VanEck showcases the firm’s dedication to the larger Bitcoin ecosystem. VanEck has stated it would donate towards supporting Bitcoin developers for at least a decade. The company has already begun the initiative, making an initial $10,000 donation to Brink, an independent non-profit that supports the open-source development of Bitcoin. VanEck’s application for a spot Bitcoin ETF is one of over a dozen that are currently waiting for a decision by the United States Securities and Exchange Commission.

VanEck is also incentivized to contribute to the development of Bitcoin. As the asset and network grow stronger, it could help increase the appeal of the asset and its associated ETF to potential customers. 

“We’re not Bitcoin tourists at VanEck. We’re in it for the long haul. That’s why we made an initial $10k donation and signed a pledge to donate 5% of our Bitcoin ETF profits (if approved) to support Bitcoin Core devs @bitcoinbrink for at least 10 years. Your tireless dedication to decentralization and innovation is the cornerstone of the Bitcoin ecosystem, and we’re here to support it—more details to come.”

Fostering Innovation 

Through the initiative, VanEck hopes to support developers in continuing to foster innovation, security, and resilience within the Bitcoin network. The initiative signifies not only a financial commitment to the Bitcoin ecosystem but also a long-term vision towards contributing to the evolution and longevity of Bitcoin. 

VanEck’s pledge to donate 5% of its profits towards supporting core Bitcoin developers has garnered significant praise from the larger Bitcoin community, which has lauded VanEck for its proactive stance and acknowledging the key role played by Bitcoin Core developers. Core developers play a crucial role in the development of the Bitcoin protocol, ensuring its robustness and adaptability. 

The firm’s decision to allocate a portion of profits towards supporting Bitcoin developers highlights a growing trend among corporate entities. These firms have recognized and acknowledged the importance of investing in the growth and sustainability of Bitcoin. As companies get ready for a potential Bitcoin ETF, VanEck’s pledge could have a significant impact on the Bitcoin development landscape. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Credit: Source link