Kraken, a cryptocurrency exchange company that was founded in 2011, has announced on Tuesday that the firm is going to donate over $250,000 as part of efforts towards 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 will 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. 

Ever since then, Kraken has gone on to 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 held. As of yesterday, Kraken holds $13.9 billion in crypto-assets according to statistics from Bituniverse, Chain.info, and Peckshield.

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

Developer Teams That Will Receive The Funding

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 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.

Author at TechGenyz

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.