Kraken Commits Funding to Ethereum 2.0 Transition with New Gitcoin Giving

2021-03-10 14:03:00

Kraken is excited to announce it will match up to $50,000 in donations to open-source Ethereum infrastructure projects as part of Gitcoin’s latest donation drive starting March 10.

Over two weeks, Gitcoin, a platform for fundraising built on the Ethereum blockchain, will match user grants to projects focused on everything from educational outreach to decentralized applications with $500,000 contributed by donors such as Kraken.

Kraken’s support of the initiative follows our December announcement that we would donate our first funds to Ethereum builders through Gitcoin. Our goal with this final disbursement is to help the network successfully migrate to Ethereum 2.0, a coming software update.

Among other changes, Ethereum 2.0 will see the network adjust its monetary policy, move away from proof-of-work mining and integrate a host of other proposed improvements.

“Our donation means supporting the developer teams who have worked tirelessly to keep Ethereum’s current and future software versions running smoothly throughout the migration,” said Pete Rizzo, Kraken’s Editor At Large, who oversees our strategic giving.

This latest donation brings our total Gitcoin giving to $150,000 in matched donations.

The donation further underscores our commitment to the future of cryptocurrency, and comes at a time when our clients are already taking advantage of new offerings, such as staking, for Ethereum.

Since the launch of the migration, clients have staked nearly 500,000 ETH through our Ethereum 2.0 staking service, where they are earning between 5 and 17 percent annual rewards. For more details on our service, see our Ethereum 2.0 staking support page.

We believe that contributing to great blockchain projects is essential to the healthy growth of our industry, and, on top of providing necessary funding, Kraken seeks to offer guidance, tools and resources to ensure our contribution to this growth.

See our official grant page for an overview of our program and how to apply.

About Gitcoin

Gitcoin’s mission is to grow open-source communities by maintaining an open, free and fair marketplace to match developers and donors.

Gitcoin looks to provide opportunities for builders of all kinds to learn skills, build relationships and improve the internet via Web 3.0 technologies.

As part of its Round 9 of fundraising, the project will also host a virtual hackathon featuring workshops and webinars promoting industry projects.