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Kraken Donates $250,000 Towards Ethereum Upgrades

2 mins
Updated by Ryan Boltman
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In Brief

  • Kraken donates to the advancement of Ethereum 2.0
  • Funds will be distributed throughout developer upgrade projects.
  • The Kraken community has more than $2 billion in ETH staked.
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U.S.-based crypto exchange Kraken, donated $250,000 towards further advancement of the Ethereum 2.0 upgrade. 

Earlier today, Kraken announced their $250,000 donation to the Ethereum Foundation. The funds are for the ongoing technical upgrades to the Ethereum network, “Ethereum 2.0.” This announcement follows the highly anticipated London Hardfork on August 5th. 

These developments are in the lead up to Ethereum’s monumental switch to proof-of-stake. Shortly after the most recent upgrade, the network saw capacity increases of 9%. 

Co-founder and CEO of Kraken, Jesse Powell, stressed the importance of giving back to the community and those who work to make it better. 

“We believe it’s our responsibility to give back to the open-source innovators who are building the next generation of cryptocurrency,” he said. “That’s why we’re excited to work with the Ethereum Foundation to ensure developers receive funding from an increasingly diverse range of stakeholders.”

Currently, Kraken’s network has over 800,000 ETH staked.  

A new era of crypto 

The entirety of the crypto community awaits Ethereum 2.0 with great anticipation. In the lead up, however there is still a lot of work at bay. Developers at the Ethereum Foundation, along with the entire supportive community infrastructure of the ethereum network are on the front lines of this change. 

With Kraken’s donation, these funds will be spread throughout teams at the Ethereum Foundation as teams reach project mileposts. Developers at work on clients which support the Ethereum network include Besu, Geth, Nethermind and Nimbus, and Erigon – all of which power nearly 80 percent of the network 

Aya Miyaguchi, the Executive Director of the Ethereum Foundation, said collaboration is the sustainable way to bring Ethereum into the future. “This joint effort to support teams and builders that maintain a diverse set of Ethereum clients is not only impactful, but sets a great example.”

Kraken remains a major crypto industry bull. The company’s giving in the industry include other well known projects such as Gitcoin. 

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Savannah Fortis
Savannah Fortis is a multimedia journalist covering stories at the intersection culture, international relations, and technology. Through her travels she was introduced to the crypto-community back in 2017 and has been interacting with the space since.
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