VanEck, the world’s largest digital asset trading platform, has announced its commitment to donating 5% of any profits derived from their proposed Bitcoin Exchange Traded Fund (ETF) to Bitcoin developers, specifically those who are working on maintaining and improving the Brink Network.
The donation will come from VanEck’s ETF product that is set to be launched in 2021, subject to regulatory approval. As part of the announcement, VanEck stated that the size of the donations may be adjusted based on market conditions.
The Brink Network is an open-source, decentralized peer-to-peer network designed specifically for Bitcoin. The network allows users to securely store, manage, and trade Bitcoin, as well as issue and manage tokens representing any asset. It also allows developers to create Bitcoin-based dApps and services.
By donating to developers on the Brink Network, VanEck seeks to help further advance Bitcoin and the development of the underlying technology. To ensure the commitment is fulfilled, VanEck has pledged to launch an independent annual audit of the project’s progress and donation activities.
With its commitment, VanEck has demonstrated its dedication to furthering innovation and progress in Bitcoin and cryptocurrencies. This commitment may also help to encourage other digital asset platforms, exchanges, and asset managers to make similar efforts.