Kraken Awards $250K Grant to Foster the Development of Ethereum 2.0

San Francisco-based cryptocurrency exchange Kraken has awarded $250,000 in grants to Ethereum developers, as they continue to accelerate the development of the much anticipated Ethereum 2.0. 

Speaking in an announcement today, Jesse Powell, CEO of Kraken, noted that it believes it is part of its responsibility to support Ethereum developers who are working effortlessly to build the next generation of cryptocurrency, adding: 

“We are excited to work with the Ethereum Foundation to ensure developers receive funding from an increasingly diverse range of stakeholders.” 

Reacting to the development, Aya Miyaguchi, the Executive Director at the Ethereum Foundation, said: 

“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.”

Uniswap, Compound, and Others Also Made Similar Donations

Meanwhile, Ethereum Foundation noted in an announcement that other crypto projects such as Compound, Uniswap, Graph Protocol, Synthetix, Lido Finance, also awarded $250,000 each in grants to support Ethereum client teams.  

The Ethereum Foundation will be tasked with the responsibility of distributing it to different developers working on clients that support the Ethereum software, including Besu, Erigon, Geth, Nethermind, and Nimbus. 

Kraken Supportive of Ethereum 2.0 Upgrades

Notably, aside from funding, Kraken noted that it has been supportive of the Ethereum network’s upgrade all the way. 

Per the announcement, the exchange stated that its clients collectively staked over 800,000 Ethereum (ETH) worth over $2.6 billion to secure the Beacon Chain – an initiative that is tipped to foster Ethereum’s transition from a proof-of-work (PoW) algorithm to Proof-of-Stake (PoS).  

To date, Kraken noted that its users have earned over 25,000 ETH worth more than $82 million as at press time, via the Beacon Chain. 

Ethereum 2.0 Still Development on Track

The funding comes a few weeks after Ethereum completed its London hardfork, as everything looks set for the launch of the version 2.0 upgrade. 

Although the Ethereum London hard fork saw the addition of significant upgrades, the main anticipation remains the official shift from the current PoW model to the PoS model, which developers believe would proffer solutions to several issues on the network, especially the high network fees. 

Meanwhile, Kraken, which announced that it is considering going public by next year, has awarded grants to various crypto projects over the years. 

The exchange is poised to contribute to its quota by funding various cryptocurrency projects, which it believes would go a long way in strengthening the general crypto ecosystem. 

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