Investment firm VanEck declared that it would donate 5% of its potential profits from its proposed spot Bitcoin Exchange-Traded Fund (ETF), contingent upon its approval, to support the Bitcoin core developers working at Brink, according to a Jan. 5 announcement.
Brink, established in 2020, plays a crucial role in the Bitcoin (BTC) network. It is dedicated to advancing the Bitcoin protocol through concentrated efforts in research and development.
The organization’s work is vital for the ongoing innovation and maintenance of Bitcoin’s decentralized infrastructure, a key aspect that has driven the cryptocurrency’s popularity and trust among investors and enthusiasts.
10-year commitment
VanEck’s initiative begins with an immediate $10,000 donation to Brink, underscoring a proactive approach toward supporting Bitcoin’s underlying technology. The pledge is a significant acknowledgment of the importance of open-source development in the cryptocurrency domain.
Open-source developers are often the unsung heroes of the crypto world, ensuring the network’s security, efficiency, and evolution without direct compensation from a centralized authority. VanEck’s funding can provide these developers with resources essential for their continued contributions to the Bitcoin ecosystem.
The firm’s CEO, Jan van Eck, emphasized the company’s deep-seated commitment to Bitcoin, stating that VanEck is not just a passing participant but is deeply invested in the success and advancement of Bitcoin.
VanEck has pledged its support for at least the next ten years, indicating a strong belief in the future of Bitcoin and its technology.
The firm’s decision to share the profits from its ETF signals a growing trend of traditional financial entities recognizing and supporting the foundational technology of cryptocurrencies. Such initiatives could pave the way for more mainstream acceptance and integration of digital currencies in traditional investment portfolios.
ETF hype
The announcement comes at a time when the cryptocurrency market is experiencing dynamic changes and increased interest from traditional financial institutions amid expectations that the SEC is about to approve a spot Bitcoin ETF.
A spot Bitcoin ETF, unlike its futures-based counterparts, would be directly tied to the current price of Bitcoin, offering a different kind of exposure to the cryptocurrency. Its approval would create a new, regulated path for institutions to gain exposure to Bitcoin without directly…
Click Here to Read the Full Original Article at Bitcoin (BTC) News | CryptoSlate…
