Ethereum Developers Receives a Donation of $250 K from Kraken

For the cause of advancing the present Ethereum blockchain structure, an amount of US$ 250,000 has been donated to the developers by a crypto exchange firm, Kraken. The crypto firm believes that it is a noble cause if the Ethereum blockchain is upgraded for the end benefit of its multi-million users across the world.

Kraken was established purely as a crypto trading platform way back in the year 2011. At that time while crypto was a new feature, therefore, Kraken grew into a crypto household name. With the adoption of crypto, Kraken became one of the fewest firms to obtain the majority of crypto customers from the entire world. It then started to expand its crypto business in other parts of the world and established branches in most of the developed countries. Particularly, those countries, where crypto adoption was rampant at that time. 

Even today, Kraken enjoys an impeccable reputation amongst crypto trading platforms and is ranked amongst the top 10 crypto firms in the world. 

However, Kraken’s coming into being was for a reason which is not known by all. It was founded by a person called “Jesse Powell” who is still associated with the firm’s day-to-day affairs. In the words of Powell, he created Kraken as a replacement to a Japanese crypto firm, Mt Gox. 

Mt Gox was the world’s leading crypto firm in 2010 which went into bankruptcy because of inside corruption. This very firm was handling almost 70% of the Bitcoins which, at the relevant time, was the only cryptocurrency. However, every single unit of Bitcoin with Mt Gox was stolen, scammed, looted, and embezzled. It was the most unfortunate event in the history of cryptocurrencies that ever took place. This led to the saddest departure of Mt. Gox from the crypto world which was once the most preferred place for worldwide crypto customers.

Very recently, the firm has evolved itself from a crypto firm to a crypto-financial institution. It is now simultaneously rendering crypto trade services as well as lending financial services to crypto customers. Whatever facilities are there in a traditional financial bank are provided by newly evolved Kraken. The crypto firm Kraken is also very active in community building and providing funding for good causes. 

One of the recent initiatives taken by Kraken has been seen on Tuesday, 24th August 2021. The company made an announcement that it is going to donate funding of approximately US$ 250,000. The firm also told that this donation will be given to the developers who are currently working on advancing and upgrading the Ethereum blockchain network. The firm has suggested that upgrading the Ethereum blockchain is a noble cause and therefore the developers should be incentivized for boosting their morale. In addition, the firm said that the advancement of the network will benefit the multi-million users of the Ethereum network across the globe.