Kraken and DeFi Projects Donate $1.5 Million to Ethereum 2.0 Developers
Kraken and DeFi Projects Donate $1.5 Million to Ethereum 2.0 Developers By Hannah Perez

The popular exchange Kraken awarded a USD $250,000 grant to teams of developers working on the Ethereum

2.0 update.

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Cryptocurrency exchange Kraken and a group of decentralized finance platforms (DeFi) are donating a generous sum to Ethereum

2.0 development teams.

Kraken reported via a statement on Tuesday that it is making a significant contribution to the development of Ethereum 2.0 with a donation of USD $250,000 that will be given to the Ethereum

Foundation to support the developer teams working on upgrading that network.

We believe it is our responsibility to give back to the open source innovators who are building the next generation of cryptocurrencies,” commented Jesse Powell, CEO and co-founder of Kraken

in the statement; adding:

That’s why we’re excited to work with the Ethereum Foundation to ensure that developers receive funding from an increasingly diverse range of stakeholders.

The donation was raised to USD $1.5 million after five DeFi projects joined the campaign. According to Decrypt, which cited sources close to the matter, those platforms are: Compound Grants, Lido, Synthetix, The Graph Foundation and Uniswap

Grants.

Companies contributing to the development of ETH 2.0

Ethereum 2.0 is a multi-stage upgrade that is designed to help scale the second largest blockchain and will be implemented over the next few years.

The majority of DeFi projects, the sector of the crypto space that offers decentralized banking services, are based on EthereumThe DeFi projects, the sector of the crypto space that offers decentralized banking services, are based on the DeFi network, so the companies involved have a clear interest in the success of the network.

According to the information, the donated funds will be given to the Ethereum Foundation, an organization that will be responsible for distributing the money to a variety of developer teams working on the upgrade.

The funds will be released when the projects meet set milestones, to avoid capital going to waste. In particular, Kraken’ s grant will be awarded to developers working on clients that support the software, including Best, Erigon, Erigon, Erigon, KRONO and others. Ethereumincluding Best, Erigon, Geth, Nethermind and Nimbus. Ethereum Foundation executive director Aya Miyaguchi commented on the matter in the release.

We strongly believe that collaborative efforts and support are the most sustainable way to benefit Ethereum in the long run.

This is not the first time Kraken has given donations to projects working to boost the cryptocurrency industry. In the past, the exchange has also donated to crowdfunding platform Ethereum Gitcoin, Bitcoin development platform Brink, payment processor BTCPay Server, and the University of Wyoming.

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Sources: Blog.Kraken, Decrypt, The Block

Version by Hannah Estefania Perez / DiarioBitcoin

Image by Unsplash