Crypto exchange Kraken donates $250,000 to teams building Ethereum 2.0

Aug 24, 2021 | The Block News | 0 comments

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Crypto exchange Kraken is donating $250,000 to teams that are working on Ethereum’s 2.0 upgrade. The upgrade is designed to help the blockchain scale and is being implemented over the next few years.

The funds will be given to the Ethereum Foundation and handed out from there to a variety of developer teams. According to a release, the funds will be released when projects meet set milestones — in order to prevent the funds going to waste.

“We strongly believe that collaborative efforts and support are the most sustainable way to benefit Ethereum in the long-term,” said Ethereum Foundation executive director Aya Miyaguchi in the release.

Kraken has previously given out grants to Ethereum funding platform Gitcoin, Bitcoin development platform Brink, payment processor BTCPay Server and the University of Wyoming.

The exchange also provides staking services for Ethereum 2.0, and is staking more than 800,000 ETH ($2.6 billion) on behalf of its users.

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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