VanEck to donate 10% of its ETH ETF profits to Ethereum Protocol Guild

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VanEck to donate 10% of its ETH ETF profits to Ethereum Protocol Guild

For 10 years, VanEck will provide funding to the Ethereum Protocol Guild.

VanEck, a global investment manager with $80 billion in assets, announced it plans to donate a share of the profits generated from its upcoming ETH futures ETF to support Ethereum development.

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

The Uniswap, Arbitrum, Optimism, and Lido have received support from major teams within the Ethereum ecosystem.

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

The ETF will only invest in cash-settled Ether futures traded on the Chicago Mercantile Exchange, instead of the underlying asset directly, meaning EFUT's operations will not drive up the scarcity of ETH's supply.

CryptoGecko said that Ethereum has surged 5% in the past seven days, ranking it as the 17th-best-performing digital currency in the week.

In November 2021, VanEck launched a Bitcoin futures ETF. The venture currently has assets of around $45.5 million.