With the investment offering officially launching today, Bitwise has announced its intention to give 10% of Spot Ethereum ETF profits to ETH developers. The asset management firm issued a press release announcing that the investment products’ success will further aid in the development of the second-largest cryptocurrency.
After months of uncertainty, Ether ETFs officially began trading on Tuesday. The US Securities and Exchange Commission (SEC) issued the approval of the final S-1 forms that secured its launch on stock exchanges like Nasdaq, the Chicago Board Options Exchange (Cboe), and the New York Stock Exchange (NYSE).
Also Read: Bitcoin: Can Ethereum ETF Arrival Spur BTC to $70,000?
Bitwise Makes Massive Pledge to ETH Developers After ETH Launch
Just six months ago, the SEC approved the first crypto-based ETF in the US. That proved to be a massive moment for crypto. Now, the second has officially launched, with Ethereum getting its own exchange-traded product. With all eyes on how it will succeed, one issuer has committed to helping the industry grow.
Bitwise has announced that it will give 10% of all Spot Ethereum ETF profits to ETH developers. Indeed, the proceeds will be given to the Protocol Guild, which supports more than 170 Ethereum researchers and developers. Additionally, a portion of those proceeds will go to the nonprofit PBS Foundation. The pledge will aid their work in the ecosystems decentralization.
Also Read: Ethereum: Is ETH a Lock for $4,000 After ETF Launch?
“Ethereum, as an open-source technology, is maintained by a dedicated community of open-source developers,” the firm’s chief technology officer, Hong Kim, said. “Every investor in ETHW wants Ethereum to continue to advance, and this donation program contributes to that goal.”
The announcement echoes a similar action taken by Bitwise in January of this year. The firm also committed to dominating 10% of all profits for its Spot Bitcoin ETF. Those proceeds also helped the BTC ecosystem grow and develop. Not only will the crypto market gain more investment and exposure, but these kinds of acts will help it to continue to meet its potential.