The excitement ahead of spot Ethereum ETF trading is high, and ahead of this historic event, Bitwise has revealed its grand plans for the ecosystem. While its key stakeholders will benefit from the boost in Bitwise Ethereum ETF (ETHW), Ethereum developers are billed to benefit much more from the asset manager’s venture.
Bitwise ecosystem development focus
Without core developers working to make Ethereum an attractive blockchain, Bitcoin can be confident the success recorded thus far might not gain recognition. In light of this, the firm has pledged 10% of its profits from the product to development efforts.
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Bitwise named two major organizations that will benefit from the funding, including the Protocol Guild and the PBS Foundation. Both firms are dedicated to supporting the decentralization agenda of the Ethereum protocol in the drive for scalability and low fees, among other goals.
Bitwise revealed that the firm will send contributory funds to the developers annually. While Bitwise said it is starting with these two firms, it said the recipients are subject to change based on an annual performance review.
Bitwise will donate 10% of the profits of the Bitwise Ethereum ETF (ETHW) to Ethereum open-source protocol development.Recipient orgs:- @ProtocolGuild- @PBS_Foundation We cannot take Ethereum and its core protocol properties for granted.We’re excited for ETHW to… pic.twitter.com/D0cAv8JmPt
— Bitwise (@BitwiseInvest) July 22, 2024
This support will span 10 years, the period in which the spot Ethereum ETF offering will have attained maturity.
Similar playbook with spot Bitcoin ETF
Bitwise CEO Hunter Horsley highlighted the firm’s commitment to serving the crypto community. When its Bitcoin ETF product achieved approval earlier in the year, Bitwise also announced similar support for Bitcoin developers, underscoring its sustained commitment to the ecosystem.
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The preparations for the spot Ethereum ETF launch are done, with a projected 9:30 a.m. launch, New York time (Eastern Time), for most issuers. While Bitwise pales in recent times against other ETF issuers, it is generally regarded as the third most successful in terms of net flows.
Many eyes will be on Bitwise as the Ethereum ETF opens up for trading beginning today.
