Kraken Donates $250,000 to Ethereum 2.0 Development Team

Ethereum 2.0 blockchain upgrade is one of the biggest upgrades in the crypto world. Most of the upgrades have already been performed.

Kraken Gifts $250,000 For Ethereum 2.0 Blockchain Upgrade Efforts
Kraken donates $250,000 to Ethereum 2.0 Team

In addition, the London Hard Fork or EIP-1559 radically changed the financial policy of the network. As a result, it attracted many investors. One of them is the crypto exchange giant Kraken. Kraken exchange donated $250,000 to the blockchain upgrade efforts.

The crypto exchange donated the fund to the open-source developer teams on the project. According to Kraken, it aims to help the efforts as it sees this as its responsibility to help further the efforts of one of the most important upgrades in the crypto space.

As per the upgrade, Ethereum 2.0 changes the network from a proof-of-work (PoW) mechanism to a proof-of-stake (PoS) mechanism. With this, it solves the current problems troubling the network such as scalability. Also, high fees when the network gets jammed.

Following this, Jesse Powell, CEO and Co-Founder at Kraken, said,

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

Moreover, the $250,000 donation goes towards the different teams that work to keep the Ethereum network operating. It includes groups from Besu, Nethermind, Erigon, Geth, and Nimbus. However, Ethereum Foundation will decide how to allocate the fund to each team accordingly.