The investment company VanEck promised 5% of the profits from a possible spot Bitcoin exchange-traded fund to back Bitcoin-leading developers at Brink. The move seeks to add to the $10,000 donated to Brink by VanEck, among those seeking spot Bitcoin ETF approval.
VanEck Pledges 5% Donation to Developers
On Friday, VanEck, an investment bank, pledged 5% of its possible profits derived in spot Bitcoin exchange-traded fund (ETF) if it secured approval from the Gary Gensler-chaired SEC. The allocation will benefit the Bitcoin main developers at Brink.
In a post on X, the company said that the Bitcoin ecosystem is founded on spirited devotion to innovation and decentralization, and they strive to back it. Additionally, VanEck revealed it has made a $10000 donation to Brink to back its work.
Jonathan Bier, who serves on Brink’s board, believes the news is terrific. Open-source development work on Bitcoin is quite crucial, and it is impressive that VanEck will give back to the ecosystem’s main backbone big heartedly.
Research and Development
Brink was established in 2022 to improve the Bitcoin protocol via research, development, and backing of the Bitcoin developer community. Currently, it has a fellowship program to familiarize new software engineers with the development of Bitcoin.
Additionally, it has a grants program for current Bitcoin developers. In June last year, Jack Dorsey’s Smart Small funding initiative donated $5M to Brink.
Editorial credit: Piotr Swat / Shutterstock.com
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