DeFi Firms, Kraken Donate $1.5 Million to Ethereum 2.0 Development

Published on: 24.08.2021

Crypto exchange Kraken, along with Compound Grants, Lido, Synthetix, The Graph Foundation, and Uniswap Grants, is donating a total of $1.5 million to developing Ethereum 2.0.

A selection of companies operating in the decentralized finance industry, as well as crypto exchange Kraken, are donating to the open-source development teams working on Ethereum’s technical upgrades collectively named Ethereum 2.0.

DeFi is a crypto sector that seeks to replace traditional banks and financial services with lines of code and smart contracts. The most popular use cases have been in the way of lending, borrowing, and trading derivatives.

“We believe it’s our responsibility to give back to the open-source innovators who are building the next generation of cryptocurrency,” said Jesse Powell, CEO and co-founder of Kraken in a prepared statement. “That’s why we’re excited to work with the Ethereum Foundation to ensure developers receive funding from an increasingly diverse range of stakeholders,” he added.

Kraken will donate a total of $250,000. The crypto exchange is joined by five other projects, bringing the total donation to $1.5 million.

Those crypto companies are: Compound Grants, Lido, Synthetix, The Graph Foundation, and Uniswap Grants.

“We strongly believe that collaborative efforts and support are the most sustainable way to benefit Ethereum in the long-term. 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,” said Ethereum Foundation executive director Aya Miyaguchi in a prepared statement.