VanEck commits to Ethereum Protocol Guild for 10 years

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VanEck commits to Ethereum Protocol Guild for 10 years

VanEck is committing to providing funding to the Ethereum Protocol Guild for 10 years.

The global investment manager, VanEck, has $80B in assets and plans to donate a share of its forthcoming ETH futures ETF to support Ethereum development.

On Sept. 29, VanEck said it plans to donate 10% of the ETF's profits to the Protocol Guild, a collective of 152 Ethereum core developers for at least 10 years. VanEck called the group 'instrumental' in maintaining Ethereum's core protocol.

The Protocol Guild has been supported by renowned organizations in the Ethereum ecosystem, including Uniswap, Arbitrum, Optimism, and Lido.

On Sept. 28, VanEck announced the ETF VanEck ETF on Ethereum, igniting bullish momentum in the Ether markets.

However, the ETF will only invest in cash-settled ETH futures traded on the Chicago Mercantile Exchange instead of the underlying asset directly, resulting in EFUT's activities not driving up the scarcity of ETH's supply.

In the past seven days, Ether has surged 5%, ranking it as the 17th-best-performing cryptocurrency on the list, according to CoinGecko.

In November 2021, VanEck launched a Bitcoin futures ETF. The fund currently manages $45.5 million in assets.