Bitcoin ETF Applicant VanEck Promises 5% of Potential ETF Profits to Bitcoin Core Developers

(CoinMarketCap) - Investment firm VanEck has pledged 5% of its potential profits from its spot Bitcoin exchange-traded fund (ETF), if approved, to Bitcoin core developers at Brink.

VanEck claimed that they are “in it for the long haul” and plan to support the Bitcoin developers for at least 10 years with proceeds from the profits from the potential spot Bitcoin ETF.

VanEck has also made an initial $10,000 donation to Brink to support its work. Brink is a non-profit organization founded in 2020 to boost the Bitcoin protocol through research and development, and by supporting the Bitcoin developer community.

It has a fellowship program to onboard new software engineers into Bitcoin development and a grants program for existing Bitcoin developers. In June 2023, Brink received $5 million of funding from Jack Dorsey's Smart Small funding initiative. More recently in December 2023, billionaire investor Tim Draper donated $150,000 to support the Bitcoin developers.

If VanEck's spot Bitcoin ETF is approved, alongside 12 other ETF applicants, it would be the first such ETF to list in the United States. The approval of a spot Bitcoin ETF would be a major milestone for the cryptocurrency industry, as it would provide investors with a regulated and convenient way to gain exposure to Bitcoin.

By Hope C


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