Kraken Donates $250,000 Towards Ethereum Upgrades

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

These events are leading up to Ethereum's historic move to proof-of-stake. The network's capacity increased by 9% shortly after the most recent update.

Jesse Powell, Kraken's co-founder and CEO, emphasized the significance of giving back to the community and those who seek to improve it.

He explained, "We think it is our responsibility to contribute back to the open-source innovators who are constructing the next generation of cryptocurrencies." “That's why we're looking forward to collaborating with the Ethereum Foundation to ensure that developers receive financing from a growing number of sources.”

Kraken's network currently has over 800,000 ETH invested.

Cryptography has entered a new era.
The entire cryptocurrency ecosystem is looking forward to Ethereum 2.0. However, there is still a lot of work to be done in the lead-up. The Ethereum Foundation's developers, as well as the entire Ethereum network's supportive community infrastructure, are at the forefront of this transition.

With Kraken's contribution, these monies will be distributed across Ethereum Foundation teams when they fulfill project milestones. Besu, Geth, Nethermind, and Nimbus, as well as Erigon, have developers working on clients that enable the Ethereum network. These clients power almost 80% of the network.

Collaboration, according to Aya Miyaguchi, Executive Director of the Ethereum Foundation, is the most sustainable approach to push Ethereum into the future. “This collaborative effort to enable teams and builders who maintain a varied collection of Ethereum clients is not only beneficial, but it also sets an excellent example.”

Kraken is still a major bull in the crypto market. Other well-known initiatives, such as Gitcoin, are among the company's contributions to the sector.

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