VanEck, a leading investment management firm, has announced a generous initiative to support the open-source development of Bitcoin, the world’s largest cryptocurrency. The firm has committed to donate 5% of its profits from its proposed spot Bitcoin ETF to Brink, a nonprofit organization that funds Bitcoin Core developers.
VanEck’s Long-Term Bitcoin ETF Commitment
VanEck has already demonstrated its dedication to the Bitcoin ecosystem by making an initial $10,000 donation to Brink. The firm also stated that it is not a “Bitcoin tourist” but rather a long-term supporter of the decentralized and innovative nature of Bitcoin.
We’re not Bitcoin tourists at VanEck. We’re in it for the long haul,” VanEck stated. “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.
The firm’s pledge is contingent on the approval of its spot Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC), which is expected to make a decision by next week. If approved, VanEck’s ETF would be the first of its kind in the U.S. to directly hold Bitcoin rather than futures contracts or stocks of companies with exposure to cryptocurrency.
A Boost for Bitcoin Development
VanEck’s initiative aims to provide sustainable and consistent funding for the developers who contribute to the maintenance and improvement of the Bitcoin Core protocol, the software that runs the Bitcoin network. These developers play a vital role in ensuring the security, scalability, and resilience of Bitcoin, as well as introducing new features and upgrades.
However, Bitcoin development is largely dependent on voluntary donations and grants from individuals and organizations, which can be unpredictable and insufficient. VanEck’s pledge could help address this challenge and create more incentives for developers to work on Bitcoin.
The Bitcoin community has welcomed VanEck’s move as a positive and proactive gesture that recognizes the importance of investing in the infrastructure and growth of Bitcoin. As the demand and adoption of Bitcoin increases, especially among institutional and retail investors, VanEck’s initiative could have a lasting and beneficial impact on the Bitcoin development landscape for years to come.
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