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Kreken donates $250k to Ethereum 2.0 blockchain upgrade efforts

The Ethereum 2.0 blockchain upgrade is one of the most eagerly awaited in the cryptocurrency world. The majority of the changes needed for the total renovation have already been completed. EIP-1559 included things like the London Hard Fork. The network’s monetary policy was fundamentally altered as a result of this upgrade. In the long run, ETH should become deflationary.

This announcement is eagerly awaited by both investors and institutions. Because this improvement is critical for the entire market. In light of this, Kraken, the world’s largest cryptocurrency exchange, has donated $250,000 to the blockchain upgrading project. The money was given to the project’s open-source developer teams. Kraken intends to assist in the endeavors. They consider it as their obligation to assist with the advancement of one of the most significant enhancements in the bitcoin industry.

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With the update to Ethereum 2.0, the network will switch from a proof-of-work to a proof-of-stake model. This will address many of the network’s present problems, such as scalability and excessive fees when the network is overburdened.

Jesse Powell, CEO and Co-Founder of Kraken, stated, “We think it is our responsibility to give back to the open-source innovators who are constructing the next generation of cryptocurrencies.” “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.”

Different Ethereum Teams To Receive A Chunk

The $250,000 donation will go to several teams striving to maintain the Ethereum network up and operating. Teams from Besu, Erigon, Geth, Nethermind, and Nimbus are among them. The technologies underpin the Ethereum network’s decentralized nature. The Ethereum Foundation will decide how the contributed cash is distributed among the teams. After then, it will be distributed as needed.

“We are certain that joint efforts and support are the most long-term sustainable method to benefit Ethereum. This collaborative effort to enable teams and builders who maintain a varied collection of Ethereum clients is not only beneficial, but it also sets a good example,” stated Aya Miyaguchi, Executive Director of the Ethereum Foundation.

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Kraken has one of the largest customer bases in terms of staked ETH. Over 800,000 ETH has been staked on the Kraken cryptocurrency exchange by users. A total of almost $2 billion in ETH has been staked. Clients who staked more than 25,000 ETH have earned more than 25,000 ETH.

Bitcoin, Brink, BTCPay Server, and the University of Wyoming are among the projects Kraken supports. Which offers both education and growth for the cryptocurrency exchange on the exchange.

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Also read: Missouri town to offer $1,000 to residents in Bitcoin