VanEck Donating Profits to Web 3.0 Developers
Asset manager VanEck, which has a pending application for a spot Bitcoin (BTC) exchange-traded fund (ETF) with the United States Securities and Exchange Commission, said it plans to donate some of the profits from the investment vehicle to Web 3.0 developers following approval.
In a Jan. 5 post on Twitter, VanEck announced a 5% pledge to Web 3.0 developers through nonprofit organization Brink ahead of a potential approval of its spot Bitcoin exchange-traded product application. The asset management said it had already made a $10,000 donation to the developers regardless of whether the SEC gives the green light to the investment vehicle.
The SEC has not approved a spot BTC exchange-traded fund for listing on any U.S. exchange at the time of publication, but many expect the commission to decide ahead of a Jan. 10 deadline for an application from ARK Invest and 21Shares. On Jan. 4, VanEck filed a notice with the SEC to register its Bitcoin ETF shares as securities on the Cboe BZX Exchange.
The asset manager is one of many awaiting an SEC decision, including BlackRock, Bitwise, Fidelity, Grayscale Valkyrie, Invesco Galaxy and WisdomTree. The firm launched a media campaign in December, following similar ad spots from Bitwise and Hashdex.
VanEck’s pledge to Web 3.0 developers is part of their overall plan to invest in this new technology. They have already provided a $10,000 donation to developers and are willing to donate a portion of their profits should their Bitcoin ETF be approved. This is in addition to the other investment companies, such as BlackRock, Bitwise, Fidelity, Grayscale Valkyrie, Invesco Galaxy and WisdomTree, who are also looking to invest in Web 3.0.
In September, VanEck made a commitment to contribute 10% of all profits from its Ether (ETH) futures ETF to Ethereum core developers over the course of 10 years. The SEC has already sanctioned crypto investment vehicles linked to BTC and ETH futures, but the approval of a spot BTC ETF could have a far-reaching effect on adoption.
Many people are wondering how to invest in web 3.0, what it is all about and what social media platforms, tools and apps it offers. Web 3.0 developers are working hard to create new possibilities for investors and make Twitter, for example, a more powerful platform. With the right web 3.0 investment, people can reap the rewards of this new technology.
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