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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.

The Bitwise Ecosystem Development Focus

Without the core developers working to make Ethereum an attractive blockchain, Bitcoin is confident the success recorded thus far might not gain recognition. In light of this, the firm has pledged 10% of its profit from the product to the development efforts.

Bitwise named two major organizations that will benefit from the funding including 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 others.

Bitwise revealed that the firm will send the contributory funds to the developers annually. While Bitwise said it is starting with these 2 firms, it said the recipients are subject to change based on an annual review of performances. 

This support will span 10 years, a period the spot Ethereum ETF offering would have attained maturity.

Similar Playbook With Spot Bitcoin ETF

Bitwise CEO Hunter Horsley highlighted the firm’s commitment to serve the crypto community. When its Bitcoin ETF product bagged approval earlier in the year, Bitwise also announced similar support for Bitcoin developers, underscoring its sustained commitment to the ecosystem.

The preparations for the spot Ethereum ETF launch are far gone with a projected 9:30 AM launch in New York time for most of the issuers. While Bitwise pales in recent times against other ETF issuers, it is generally regarded as the 3rd most successful in terms of net flows.

Many will put eyes on Bitwise as the Ethereum ETF opens up for trading beginning today.