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Kraken Invests $150K Into ETH-Based Projects Via Gitcoin


Kraken invests about $150,000 into Etheruem-based projects via Gitcoin according to a press release that we have in our latest Ethereum news today.

The US crypto exchange matched donations raised for the second-biggest blockchain network and most widely used. The Crypto exchange Kraken invests $150,000 towards developments for future Ethereum-based projects and the efforts are a part of the new collaboration with the open-source software company GitCoin which put up the original amount. Kevin Owooki, CEO of GitCoin said:

“Ethereum and DeFi are built on open-source software. With their generous contribution, Kraken is excited to give back to the volunteer developers building the infrastructure of the crypto economy.”

Kraken’s grants will find their way to developers that apply to Gitcoin’s Ethereum Infrastructure Tech” category between December 3 to December 18 with the grants being a part of one of the many initiatives for developers that use its free service to interact with other developers and to earn money for finding bugs or maintaining a live program. The sum marked Kraken’s first to the ETH ecosystem and it even donated to BTC and other projects by investing more than $500,000 across multiple occasions.


Kraken exchange

These grants will incentivize developers that work on Ethereum’s source code who rely fully on receiving grants for their work and their efforts. This is radically different from the companies that raised millions of dollars in initial coin offerings no matter the work that they have done. In the meantime, Kraken didn’t limit itself to Ethereum projects and will open grants for more developers and other blockchains:

 “We would love to see other projects follow that same success. If a developer is working on the Lightning Network, Bitcoin, Monero, or another blockchain, we want to hear about it.”

As reported previously, The Wyoming Banking Board voted to approve the application for a special purpose depository institution charter of the Kraken crypto exchange. This way, Kraken becomes the first exchange to officially get a license and operate as a chartered bank in the United State since 2006, according to a NASDAQ report. Now, Kraken can get access to the existing federal payments infrastructure which will allow the exchange to integrate funding and banking options to the clients, according to the managing director of the exchange and CEO.

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