Kraken Donates $250K to Open Source Ethereum Developers

Kraken, the cryptocurrency exchange founded in 2011, announced on Tuesday that the firm is donating $250,000 toward Ethereum blockchain upgrade efforts. The company said that it believes in “collaborative efforts and support” can help bolster Ethereum in the long run.

Kraken: ‘Giving Back to the Open-Source Innovators’

On Tuesday, the cryptocurrency trading platform Kraken revealed it is donating to “open-source developer teams now working to accelerate Ethereum’s ongoing technical upgrades dubbed ‘Ethereum 2.0.’” Following the demise of Mt Gox, Kraken co-founder Jesse Powell told Bloomberg News he created Kraken as a Mt Gox replacement.

Since then, Kraken is one of the top exchanges in the world in terms of volume and the fourth largest exchange worldwide in terms of crypto reserves held. On August 24, 2021, Kraken holds $13.9 billion in crypto assets according to Bituniverse, Chain.info, and Peckshield statistics. Kraken and its co-founder Jesse Powell, believe that donations and support can help “pave the way for Ethereum’s eventual transition to proof-of-stake.”

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

Funds to Be Dispersed to Dev Teams Powering 80% of the Ethereum Network

Kraken’s announcement details that the funds will be awarded to dev teams and clients supporting the Ethereum network. This includes Besu, Erigon, Geth, Nethermind, and Nimbus as Kraken notes these platforms “power more than 80 percent of the distributed Ethereum network.”

The Ethereum Foundation executive director Aya Miyaguchi believes the support will be impactful. “We strongly believe that collaborative efforts and support are the most sustainable way to benefit Ethereum in the long-term. 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,” Miyaguchi said in a statement.

Kraken also detailed that to-date the firm has donated to Btcpay Server, Gitcoin, the University of Wyoming, and Brink. The efforts are “all designed to promote education and development related to the cryptocurrencies traded on our global exchange,” Kraken’s announcement concludes.