San Francisco-headquartered cryptocurrency exchange Kraken has announced a donation of £182,000 towards the Ethereum 2.0 upgrade.
The announcement of the donation from Kraken came earlier today. The cash will be used to continue the Ethereum network’s technological enhancements, dubbed as Ethereum 2.0. This news comes on the heels of the much-awaited London Hardfork rolled out on August 5th.
The development progress is leading up to Ethereum’s historic transition to proof-of-stake. The network’s capacity increased by 9% following the most recent update.
Jesse Powell, Kraken’s co-founder and CEO, emphasised the significance of giving back to the community and those who seek to improve it.
“We feel it is our obligation to contribute back to the open-source innovators who are developing the future generation of cryptocurrencies,” Jesse Powell said. “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.”
In July, Kraken hit 800,000 ETH 2.0 staked on the network.
With still a lot of work ahead, the whole cryptocurrency world is looking forward to Ethereum 2.0. The Ethereum Foundation’s developers, as well as the whole Ethereum network’s supportive community infrastructure, are at the forefront of this shift.
The contributed funds will be routed to Ethereum Foundation teams when they accomplish project milestones. Besu, Geth, Erigon, Nethermind, and Nimbus have developers working and support the Ethereum network. These clients power roughly 80% of the network.
Collaboration, according to Aya Miyaguchi, Executive Director of the Ethereum Foundation, is the most sustainable method to move Ethereum into the future. “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.”
Having been founded just two years after Bitcoin, Kraken is one of the well-established cryptocurrency exchanges on the market.