VanEck makes an unprecedented promise bridging the gap between traditional finance and the blockchain industry.
Global asset manager VanEck has pledged to allocate 10% of the profits from its soon-to-launch Ether futures ETF to support Protocol Guild, a group of Ethereum core developers.
The announcement was made public on the social platform X on September 29th, reflecting VanEck's sustained commitment to the advancement of the Ethereum ecosystem.
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Just a day before the public pledge, on September 28th, VanEck revealed plans for a new Ether-focused ETF designed to invest primarily in Ether futures contracts. The fund will be listed on the Chicago Board Options Exchange and managed by Greg Krenzer, VanEck's Head of Active Trading.
In discussing its decision to back the Protocol Guild, a collective of over 150 developers who work on Ethereum's foundational technology, VanEck articulated:
If TradFi stands to gain from the efforts of Ethereum’s core contributors, it makes sense that we also give back to their work. We urge other asset managers/ETF issuers to consider also giving back in the same way.
This commitment comes as interest in Ether and Ether-based investment tools is gaining traction. VanEck joins the ranks of Valkyrie and Bitwise, who are also preparing to unveil Ether futures products.
Concurrently, several companies, including Invesco Galaxy, ARK 21Shares, and VanEck itself, await regulatory approval from the US Securities and Exchange Commission for a spot Ether ETF. However, the SEC has delayed the verdict on these submissions until December.
Support for the Ethereum network isn't limited to VanEck. Other organizations and communities like Lido Finance, Uniswap, Arbitrum, Optimism, ENS Domains, MolochDAO, and Nouns DAO have also contributed.
The gesture by VanEck to share a portion of its ETF profits with Ethereum's core developers for a decade sets a precedent in the evolving intersection of traditional finance and blockchain. As more institutional players enter the Ether market, such acts of reciprocity could prove influential, fostering long-term development and innovation within the Ethereum ecosystem.
