Crypto exchange Kraken donates $250,000 to teams building Ethereum 2.0

Crypto exchange Kraken is donating $250,000 to teams that are working on Ethereum's 2.0 upgrade. The upgrade is designed to help the blockchain scale and is being implemented over the next few years.

The funds will be given to the Ethereum Foundation and handed out from there to a variety of developer teams. According to a release, the funds will be released when projects meet set milestones — in order to prevent the funds going to waste.

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

Kraken has previously given out grants to Ethereum funding platform Gitcoin, Bitcoin development platform Brink, payment processor BTCPay Server and the University of Wyoming.

The exchange also provides staking services for Ethereum 2.0, and is staking more than 800,000 ETH ($2.6 billion) on behalf of its users.

This grant is part of a range of grants given to the Ethereum Foundation. Compound Grants, Lido, Synthetix, The Graph and Uniswap Grants, have each also donated $250,000 to the foundation. This adds up to a total of $1.5 million.

This story has been updated with the additional grants to the foundation.