VanEck to Donate Significant Portion of Ethereum Strategy ETF's Profit to The Protocol Guild - COINTURK NEWS
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VanEck to Donate Significant Portion of Ethereum Strategy ETF’s Profit to The Protocol Guild

1:43 pm (65 days ago)
September 30, 2023

US-based asset management company VanEck announced that it will donate a significant portion of the profit it obtained from the Ethereum Strategy exchange-traded fund (ETF), which is almost certain to be approved by the US Securities and Exchange Commission (SEC), to The Protocol Guild. The company committed to making the donation for at least 10 years.

Ethereum Developers to Receive Funding

VanEck stated that it will donate 10% of the profit it obtained from the futures-based Ethereum Strategy ETF to The Protocol Guild, a collective consisting of 152 Ethereum core developers, for at least 10 years.

In a statement from the company, it was stated, “TradFi gains from the efforts of those contributing to Ethereum, so it makes sense to reward their work. We invite other asset managers/ETF issuers to consider making payments in the same way.”

VanEck also thanked those who contributed to Ethereum for their ongoing efforts in building and managing this shared infrastructure for approximately a decade.

VanEck’s Move Surprises the Ethereum Community

VanEck’s move pleased and surprised the Ethereum community and its prominent figures. 0xfoobar, the founder of Delegate, said, “This is insane, I wouldn’t expect to see this even in a million years. It’s an incredibly valuable move that contributes to Ethereum’s compatibility, and it is rare to see such large institutions understand this.”

Tim Beiko, who conducts Ethereum core protocol meetings, commented, “It’s great to see a TradFi company directly financing Ethereum’s core development. Hopefully, it can be an example for many businesses built on open protocols.”

VanEck is currently preparing to launch the Ethereum Strategy ETF (EFUT), which focuses on Ethereum futures contracts. The fund is planned to be listed on CBOE and managed by Greg Krenzer, the Chief Trading Officer at VanEck. However, it is worth noting that the statement from the asset management company includes a notable disclaimer stating, “The fund is not yet ready for trading, and there is no guarantee of when the fund will start trading.”

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