Kraken Exchange to Offer First Grants for Open-Source Ethereum Projects

Kraken has announced it will help fund open-source Ethereum projects, a first for the U.S.-based cryptocurrency exchange.

In a blog post Thursday, Kraken said it will collaborate with Gitcoin, an Ethereum-based platform for community fundraising, to reward developers building the blockchain's "most essential software."

The exchange will match up to $150,000 in donations made in Gitcoin’s “Ethereum Infrastructure Tech” category in the eighth round of Gitcoin Grants.

From Dec. 3–18 developers and teams who meet their funding goals via Gitcoin will be eligible to receive a matching grant from the exchange, Kraken said.

Gitcoin maintains an open marketplace to connect developers and donors, while providing opportunities for builders to generate relationships and contribute to projects attempting to advance open-source tech infrastructure.

"Ethereum and DeFi are built on open-source software," said Gitcoin's CEO Kevin Owocki. "With their generous contribution, Kraken is excited to give back to the volunteer developers building the infrastructure of the crypto economy."

Read more: Square, Human Rights Foundation Back New Bitcoin Open-Source Developer Fund

Kraken also recently funded Brink, the independent organization for funding Bitcoin’s open-source developer community, providing it with a $150,000 grant last month.

To date, the exchange said it has donated over $500,000 to blockchain projects while helping several full-time developers find full-time employment.