VanEck, the financial giant in the Bitcoin ETF race, announced a significant commitment to the ecosystem of the world’s largest digital currency. The company has pledged to allocate 5% of profits from its upcoming Bitcoin exchange-traded fund, still pending SEC approval, to support Bitcoin developers for more than a decade.
The dedication began to pay off with an initial donation of $10,000 to Brink, an independent nonprofit organization focused on Bitcoin open source development.
According to a statement from VanEck, the gesture underlines the company’s commitment to strengthening Bitcoin’s vital infrastructure, with a special focus on continued and sustainable developer support, essential to the evolution and maintenance of the Bitcoin protocol.
“Our journey in the world of Bitcoin has been long and our commitment is solid”said a spokesperson for VanEck. “The $10,000 donation and future commitment of 5% of Bitcoin ETF profits (if approved) to support Bitcoin Core developers for at least 10 years are proof of this. We greatly appreciate their commitment to decentralization and innovation, fundamental to the Bitcoin ecosystem.”
We are not Bitcoin tourists at VanEck. We’re in it for the long haul. That’s why we made an initial donation of $10,000 and signed a pledge to donate 5% of our Bitcoin ETF profits (if approved) to support Bitcoin Core developers @bitcoinbrink for a minimum of 10 years. Your tireless efforts for…
— VanEck (@vaneck_us) January 5, 2024
“We are not tourists”
VanEck’s plan to allocate a portion of ETF profits is intended to encourage continued innovation, security and resilience of the Bitcoin network. The financial commitment is also a reflection of the company’s long-term vision for Bitcoin’s evolution and sustainability.
“We are not tourists in Bitcoin. We are in this for the long term. That’s why we made an initial donation of $10,000 and signed a pledge to donate 5% of our Bitcoin ETF profits to support the developers of Bitcoin Core.”
The Bitcoin community welcomed the initiative with praise and recognized the critical role of Bitcoin Core developers in developing and adapting the protocol in the face of technological advancements and security challenges.
VanEck’s decision to invest in developers signals a growing trend of corporate entities investing in the future of Bitcoin, anticipating a significant impact on the cryptocurrency’s development landscape in the coming years.
It is worth remembering that Bitcoin developers generally have a clear profile and work in an environment that combines passion for technology, voluntary contributions and sometimes financial support from various sources.
Initially, many of these developers entered the Bitcoin world driven by a deep personal interest and belief in the decentralized vision that Bitcoin represents. They spend their time and skills improving the protocol, fixing bugs and developing new features, often without any direct compensation.
Over time and the growing recognition of Bitcoin’s importance, several initiatives have emerged to fund these developers. For example, some nonprofits, such as the Bitcoin Foundation and the Human Rights Foundation, offer grants and funding to support the work of developers.
Additionally, companies and investors with a stake in Bitcoin’s growth and stability have also begun to contribute, either directly by funding developers or donating to organizations that support them.
However, it is important to note that the decentralized and open nature of Bitcoin means that there is no central entity that directly employs or pays developers for their work.
Instead, they rely on a combination of community support and institutional funding, and in many cases continue to contribute voluntarily because of their commitment to Bitcoin’s vision and values.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
