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Vitalik Buterin, the co-founder of Ethereum, donated $300,000 in crypto to three blockchain startups. The decision was taken as a response to a Twitter post in which the Ethereum developer Preston Van Loon mentions that the team behind Prysmatic Labs cannot scale the team to where they need. Buterin just sent $100k to this project and two others.
Buterin Donates $300k to Crypto Projects
The cryptocurrency market has been in a bear trend since the beginning of 2018. Several projects have been severely affected by this falling market. Some teams had to stop operating and offering crypto services during that time. Thus, starting or developing a project during this bear market has been a very complicated situation.
Preston Van Loon wrote on Twitter a few days ago:
“Our biggest distraction @prylabs is that we are still working full time for other jobs. Even with recent grants, it’s hardly enough to take the whole team full time with significant pay cuts and it’s certainly not even for us to scale the team to where we need it.”
Immediately after, Buterin sent 1000 ETH.
Just sent 1000 eth. Yolo.https://t.co/s1q8K5Wlhs
— Vitalik Non-giver of Ether (@VitalikButerin) December 19, 2018
After it, another Ethereum developer, Paul Hauner, said that they are building a project and have been knocked back for a couple of grants. In the same way, Buterin sent again 100 ETH, worth $100,000.
Done!https://t.co/I0ZqR5Ivcq
OK, I'm *really* done for the day. /me goes to sleep
— Vitalik Non-giver of Ether (@VitalikButerin) December 19, 2018
The third donation made by Buterin was to ChainSafe.io, in a similar way as the other two transactions.
These three projects have in common the fact that they are working in order to scale the Ethereum network. Indeed, they are working in order to build the future Ethereum 2.0. Sigma prime is working on the Ethereum client Lighthouse. Prysmatic Labs is working on Etehreum’s scalability and ChainSafe is building another Ethereum 2.0 client.
In the third transaction performed by Buterin, he wrote that he expects results from the donation. Clearly, during 2018, several Initial Coin Offerings (ICOs) and projects have been launched but most of them did not release any product to the market. The situation has been very difficult for all these projects and for the market. However, if the crypto world wants to improve, companies will have to provide better products and services to the market.