diff --git a/.bumpversion.cfg b/.bumpversion.cfg
index 25e55e0ba..d5a4e48fb 100644
--- a/.bumpversion.cfg
+++ b/.bumpversion.cfg
@@ -1,5 +1,5 @@
 [bumpversion]
-current_version = 0.37.6
+current_version = 0.38.0
 commit = True
 tag = True
 
diff --git a/setup.py b/setup.py
index fbd5d228e..e7a9902c7 100644
--- a/setup.py
+++ b/setup.py
@@ -11,7 +11,7 @@
 from setuptools.command.build_py import build_py
 
 DESCRIPTION = "Raiden contracts library and utilities"
-VERSION = "0.37.6"
+VERSION = "0.38.0"
 
 
 def read_requirements(path: str) -> List[str]: