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VanEck Allocates 10% of Ether ETF Profits to Ethereum Developers

02.10.2023
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VanEck Allocates 10% of Ether ETF Profits to Ethereum Developers

  • VanEck argues that asset managers should give back to the community.
  • The firm’s forthcoming Ethereum Strategy ETF would invest in Ether futures contracts.

On September 29th, global asset management VanEck made an announcement on Twitter that it will contribute 10% of all profits from its planned Ether futures exchange-traded fund (ETF) to Ethereum core developers for a period of 10 years.

The Protocol Guild, a community of more than 150 developers responsible for Ethereum’s backend, will get the funds. VanEck argues that asset managers should give back to the community developing the crypto system.

It stated:

“If TradFi stands to gain from the efforts of Ethereum’s core contributors, it makes sense that we also give back to their work. We urge other asset managers/ETF issuers to consider also giving back in the same way.“

Exposure to Ether Futures

VanEck announced on September 28 that their forthcoming Ethereum Strategy ETF would invest in Ether futures contracts. VanEck’s head of active trading, Greg Krenzer, will be in charge of the fund, and it will soon be traded on the Chicago Board Options Exchange.

Valkyrie and Bitwise are two more conventional investing firms planning to provide exposure to Ether futures, while the number of companies waiting for regulatory clearance to launch a spot Ether exchange-traded fund (ETF) continues expanding to include more giants. A decision on whether to allow a spot Ether product was recently postponed by the U.S SEC until December.

Improvement Proposal EIP-4844 (Proto-Danksharding) for Ethereum is apparently being worked on by core developers. One that promises lower transaction costs for layer-2 protocols, this update will add a new transaction type to Ethereum.

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Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

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