Published 1 minute earlier on

Investment firm VanEck on Friday pledged 5% of its potential profits from its spot bitcoin ETF, if it gets approved, to Bitcoin BTC -0.42% core developers at Brink.

"Your tireless dedication to decentralization and innovation is the cornerstone of the Bitcoin ecosystem, and we're here to support itmore details to come," said VanEck in a post on X.

VanEck added that it has made an initial $10,000 donation to Brink to support its work.

"I think it's fantastic news," said Jonathan Bier, who serves on Brink's board. "Open source development work on Bitcoin is really important and it's fantastic that VanEck will generously give back to the core backbone of the ecosystem."

Brink was founded in 2020 to boost the Bitcoin protocol through research and development, and by supporting the Bitcoin developer community. It has a fellowship program to onboard new software engineers into Bitcoin development and a grants program for existing Bitcoin developers.

In June 2023, Brink received $5 million of funding from Jack Dorsey's Smart Small funding initiative.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Go here to read the rest:

VanEck pledges 5% of potential spot BTC ETF profits to Bitcoin core developers at Brink - The Block - Crypto News