Kraken pledges $150,000 to Ethereum developers in final round of Gitcoin grants

This is the first time in the traditional Bitcoin-centred exchange.

Kraken pledges $150,000 to Ethereum developers in the latest round of GitcoinNOTÍCIAS grants

The Kraken Cryptomorex announced that it would reach $150,000 in donations to support open source Ethereum projects at Gitcoin.

Gitcoin is a fundraising platform for developers that feature Bitcoin Revolution s a hybrid model of sponsored donations and direct community support. Through its quadratic funding model, community donations are used as guidance to identify projects that should receive the most appropriate funding. The quadratic formula ensures that separate contributions are weighted more than a single major donation.

For example, two people donating 1 Dai will result in much more correspondence than just one person sending 2 Dai. Kraken’s participation occurs when Gitcoin launches its eighth round of Gitcoin grants, or GR8. The total sum of funds from the pools comes to $1 million, with other funding partners including Binance, Synthetix, the Ethereum Foundation and others.

Only projects in the „Ethereum Infrastructure Technology“ category will be eligible for the Kraken pool. This includes many client teams, portfolio technologies and other key infrastructure projects. The distinction was probably introduced because Gitcoin grants can also be given to content creators or decentralized application projects, which would fall outside of the Kraken’s stated mission of „empowering volunteer developers and projects that advance the industry.

The company was already involved with direct grants for Bitcoin developers and Bitcoin infrastructure companies, having promised $500,000 so far. The Ethereum infrastructure financing is the first for the exchange, which is said to have been stimulated by the growing maturity of the network.

The Gitcoin Grant Round will continue to accept donations until December 17, after which grant distribution will take place according to the matching formula.

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