VanEck has revealed its intention to donate 10% of its profits from the forthcoming Ethereum futures ETF to the Protocol Guild for the first ten years. This move serves as a gesture of appreciation for the unwavering dedication and contributions made by Ethereum developers over the past decade.
VanEck, headquartered in New York City since 1955, is recognized for its diverse range of investment products, including mutual funds, exchange-traded funds (ETFs), and separately managed accounts. With a specialization in natural resources, emerging markets, and gold investments, the firm has a rich history of innovation, having introduced the first gold equity mutual fund in the United States in 1968.
Protocol Guild is a collective of Ethereum contributors working to boost the incentives around stewarding the core protocol by maintaining an on-chain registry of its membership, which allows ecosystem sponsors to directly fund the membership, their work, and the public good.
The collective aims to become a one-stop-shop for funding the entire core protocol, balancing the influence of centralized donors like the Ethereum Foundation and ConsenSys, and, in the worst case, acting as a funder of last resort.
“We intend to donate 10% of our ETF profits to @ProtocolGuild for at least 10 years,” stated VanEck in a recent announcement. “Thank you, Ethereum contributors, for nearly a decade of relentless building & ongoing stewardship of this common infrastructure.”
Thank you, Ethereum contributors, for nearly a decade of relentless building & ongoing stewardship of this common infrastructure.
— VanEck (@vaneck_us) September 29, 2023
This commitment will commence with the launch of the VanEck Ethereum Strategy ETF (EFUT), scheduled for September 29, 2023. VanEck’s decision to allocate a portion of its ETF profits aligns with its belief in Ethereum’s potential for mainstream adoption and recognizes the vital role played by Ethereum developers.
Protocol Guild, a grassroots funding mechanism, supports approximately 150 individuals instrumental in maintaining Ethereum’s core protocol. Its members actively contributed to recent Ethereum upgrades such as the Merge and Shanghai, spanning research, implementation, testing, coordination, and more.
VanEck’s commitment to giving back to Ethereum’s core contributors highlights the symbiotic relationship between traditional finance (TradFi) and Ethereum’s ecosystem. The firm encourages other asset managers and ETF issuers to consider similar initiatives, fostering collaboration and support within the blockchain community.
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This news is republished from another source.