Asset management VanEck will donate 10% of the profit from its Ethereum Futures ETF to the network’s Protocol Guild for at least 10 years. The revelation is coming on the heels of the expectation that the market will be inundated with several futures ETFs by next week.
In a September 29 statement, VanEck said it would donate 10% of its profit to Ethereum’s protocol guild for at least 10 years.
VanEck’s 10% Donation
The protocol guild is a 152-member group of Ethereum’s core protocol contributors enabling distributed funding for distributed systems.
According to VanEck, the donation is to appreciate the group’s stewardship towards building and maintaining the infrastructure for nearly a decade.
The asset management firm described the developers as major contributors to Ethereum’s recent Merge and Shanghai upgrades.
VanEck’s donation comes amid its plan to launch an Ethereum Futures ETF product next week. While the fund is already effective, the investment company said it is not yet available for trading.
Though the company noted that it wasn’t sure the fund would commence trading, it promised to provide more details soon.
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Author: Oluwapelumi Adejumo
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