Today, Bitwise Asset Management revealed a brand-new effort, validating their promise to assign 10% of make money from the Bitwise Bitcoin ETF (BITB) towards supporting Bitcoin open-source development, according to a news release sent out to Bitcoin Magazine.
The contributions will benefit 3 respected non-profit companies – Brink, OpenSats, and the Human Rights Foundation’s Bitcoin Development Fund.
“Bitcoin was launched 15 years ago without a fundraise and has always been maintained by a dedicated community of open source developers,” stated Bitwise CEO Hunter Horsley. “We’re excited for the Bitwise Bitcoin ETF (ticker: BITB) to provide a source of recurring funding for those unsung heroes who work tirelessly to improve the Bitcoin network’s security, scalability, and usability every day.”
The contributions, to be made yearly for the next years, come with no strings connected, enhancing Bitwise’s long-lasting devotion to promoting sustainable assistance for Bitcoin Core Development.
“It is important to support Bitcoin Core Development in a long-term sustainable way,” stated Mike Schmidt, the executive director of Brink. “Bitwise’s decade-long pledge is a win-win-win with Bitwise profits leading to developer funding leading to improvements to the open source software underpinning the industry.”
The recipient companies were thoroughly picked based upon their recognized performance history and dedication to financing Bitcoin open-source development, based on yearly evaluation for ongoing positioning with Bitwise’s objective, according to the release.
Acknowledging Bitwise’s proactive position, Matt Odell, cofounder of OpenSats, admired the business for setting a precedent in supporting open-source factors crucial to the Bitcoin community: “It is great to see large institutions supporting the open-source contributors who make this ecosystem possible. Bitwise is leading by example for all Bitcoin ETF issuers going forward.”
This dedication to contributing 10% of spot Bitcoin ETF profits doubles what another issuer, VanEck, vowed to contribute last Friday. VanEck will also be contributing their profits to Brink.
“Bitcoin is a critical piece of freedom technology serving financially oppressed people around the world today,” stated Alex Gladstein, the chief technique officer of the Human Rights Foundation. “We started the Bitcoin Development Fund to support the developers who make this all possible, and we’re delighted that Bitwise is committed to supporting this important cause.”
For more information on BITB and the contribution program, interested celebrations can visit their site here, declaring a brand-new period of continual assistance for Bitcoin’s fundamental development.
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