Kraken Gives Out $250K to Open Source Ethereum Developers

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Babafemi Adebajo
Babafemi Adebajo

Femi is a freelance content writer with adequate experience creating content for online and offline media across different niches including technology. When he is not writing, you can find him trying out new technology or reading.

Kraken, a cryptocurrency exchange company that was founded in 2011, announced on Tuesday that the firm is going to donate over $250,000 as part of efforts toward an intended Ethereum blockchain upgrade. The company hopes that a collaborative and supportive effort like this will undoubtedly help bolster Ethereum in the long run.

Kraken Hopes to Give Back to the Open-Source Developers

Kraken revealed on Tuesday that the cryptocurrency exchange platform would be donating to the open-source developer teams that are currently working on speeding up Ethereum’s ongoing technical upgrades project dubbed ‘Ethereum 2.0′. While speaking with Bloomberg News, Kraken co-founder Jesse Powell explained that he created Kraken as a replacement for Mt Gox following the demise of the latter. 

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Since then, Kraken has become one of the top exchanges in the world in terms of volume and then arguably the fourth largest exchange worldwide in terms of cryptocurrency reserves. As of yesterday, Kraken holds $13.9 billion in crypto-assets, according to statistics from Bituniverse,, and Peckshield.

Kraken CEO and its co-founder Jesse Powell strongly believe that donations and support are necessary as it is their responsibility to give back to the open-source innovators. The latter are responsible for building the next generation of cryptocurrency. Powell also explained further that they are really excited to work with the Ethereum Foundation to ensure that the developers receive funding from a wide range of stakeholders.

Developer Teams That Will Receive The Funding

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Kraken detailed in its announcement that the funds will only be awarded to developer Teams and clients supporting the Ethereum network. The teams include; Besu, Erigon, Geth, Nethermind, and Nimbus — all of which power more than 80 percent of the distributed Ethereum network.

Aya Miyaguchi, the executive director of the Ethereum Foundation, has also expressed his belief that the support will have quite an impact. Miyaguchi said in his statement that the joint effort to support teams and builders that maintain a diverse set of Ethereum clients will not only be impactful it will also go a long way in setting a great example.

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