VanEck, an asset management firm, has announced that it will commit 5% of the profits from its new Bitcoin Exchange-Traded Fund (ETF) to fund Bitcoin development at Brink, an open-source software development platform. This commitment is a part of VanEck’s newly launched Bitcoin-focused venture capital fund.
VanEck’s Bitcoin ETF was approved by the U.S. Securities and Exchange Commission (SEC) last week and the company plans to launch the fund as early as this quarter. Although the exact terms of the donation have not been made public, VanEck’s commitment is the largest philanthropic donation to the Bitcoin development community since the inception of the cryptocurrency.
Brink, which itself is a non-profit, plans to use the funds to support its existing efforts for Bitcoin research and development, as well as to further its mission of providing open-source solutions for the blockchain ecosystem. As part of this, Brink also plans to offer grants and fellowships to individuals and teams developing open-source software in the space.