The funds will be given to the Ethereum Foundation and handed out from there to a wide range of developer groups. Based on a launch, the funds will be launched when projects meet set milestones — in order to prevent the funds from going to waste.
“We strongly consider that collaborative efforts and help are essentially the most sustainable way to benefit Ethereum within the long-term,” stated Ethereum Foundation executive director Aya Miyaguchi in the release.
Kraken has beforehand given out grants to Ethereum funding platform Gitcoin, Bitcoin development platform Brink, payment processor BTCPay Server and the University of Wyoming.
The trade 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 provides up to a total of $1.5 million.