Cryptocurrency Exchange Kraken announced that it will match donations of $ 150,000 to support open source Ethereum (ETH) projects on Gitcoin.
Gitcoin is a developer funding platform based on a hybrid model of subsidized donations and direct community support. With its squared funding model, community donations are used as a guide to determine which projects should receive the most appropriate funding. The quadratic formula ensures that more separate contributions weight more than one large donation. For example, two people donating a match will result in a significantly higher match than one person sending 2D.
Kraken's participation comes as Gitcoin launches its eighth GTCoin Grant Round (GR8). Total matching totals $ 1 million, with other funding partners including Binance, Synthetic, Ethereum, and others.
Only projects in the "Ethereum Infrastructure Technology" category will be eligible for the Kraken Group. These include various client teams, portfolio technologies, and other core infrastructure projects. This distinction was likely introduced because Gitcoin grants could also be offered to creators or decentralized application projects, which fall outside Kraken's stated mission of "empowering volunteer developers and projects that drive the industry forward".
The company previously participated in direct grants to Bitcoin developers and Bitcoin infrastructure companies, after pledging $ 500,000 so far. Ethereum's infrastructure financing is the first on the exchange, which it says is driven by the network's growing maturity.
The Gitcoin scholarship round will continue accepting donations until December 17th, after which the grants will be distributed according to a matching formula.
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