VanEck pledges 5% of potential spot BTC ETF profits to Bitcoin core developers at Brink

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The Block2024/01/05 16:30

By:The Block

Quick Take Investment firm VanEck pledged 5% of the profits from a potential spot bitcoin ETF to support Bitcoin core developers at Brink. It has also made a $10,000 donation to Brink.

VanEck pledges 5% of potential spot BTC ETF profits to Bitcoin core developers at Brink image 0

Investment firm VanEck on Friday pledged 5% of its potential profits from its spot bitcoin ETF, if it gets approved, to Bitcoin BTC -1.31% core developers at Brink.

"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," said VanEck in a post on X .

VanEck added that it has made an initial $10,000 donation to Brink to support its work.

"I think it's fantastic news," said Jonathan Bier, who serves on Brink's board. "Open source development work on Bitcoin is really important and it's fantastic that VanEck will generously give back to the core backbone of the ecosystem."

Research and development

Brink was founded in 2020 to boost the Bitcoin protocol through research and development, and by supporting the Bitcoin developer community. It has a fellowship program to onboard new software engineers into Bitcoin development and a grants program for existing Bitcoin developers.

In June 2023, Brink received $5 million of funding from Jack Dorsey's Smart Small funding initiative.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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