Kraken Donates $250,000 To Advance Ethereum 2.0 Blockchain Upgrade Efforts

Kraken Donates $250,000 To Advance Ethereum 2.0 Blockchain Upgrade Efforts

Ethereum 2.0 blockchain upgrade remains one of the most anticipated upgrades in the crypto space. Most of the upgrades required for the complete overhaul have already been performed. Things like the London Hard Fork came with EIP-1559. This upgrade completely changed the monetary policy of the network. Moving ETH towards becoming deflationary in the long-term.

Investors and institutions alike are anticipating this release. As this upgrade will be very important for the entire market. In light of this, crypto exchange giant Kraken has donated $250,000 to the blockchain upgrade efforts. The donation was made to the open-source developer teams on the project. Kraken aims to help the efforts. As they see this as their responsibility to help further the efforts of one of the most important upgrades in the cryptocurrency space.

The upgrade to Ethereum 2.0 will transition the network from a proof of work mechanism to a proof of stake mechanism. This will solve a lot of current issues plaguing the network like scalability and high fees when the network gets congested.

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

Different Ethereum Teams To Get A Chunk

The $250,000 donation goes towards the various teams that are working to keep the Ethereum network running. These include teams from Besu, Erigon, Geth, Nethermind, and Nimbus. The technologies that power the distributed Ethereum network. Ethereum Foundation will determine how the donated funds will be allocated to each team. And will then distribute it accordingly.

“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,” said Aya Miyaguchi, Executive Director, Ethereum Foundation.

Kraken boasts of one of the highest customer-base with staked ETH. Users on Kraken have staked over 800,000 ETH via the cryptocurrency exchange. Amounting to over $2 billion worth of ETH staked. Where clients have earned more than 25,000 ETH in return for their staked ETH.

Kraken also funds projects such as Bitcoin, Brink, BTCPay Server, and the University of Wyoming. Which provides education and also development on the cryptocurrencies that are traded on the exchange.