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Kraken will donate fees generated by Russian transactions to Ukraine

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In an unusual move, cryptocurrency exchange Kraken, one of the largest in the cryptocurrency market, has announced that it will not block the accounts of any of its Russian-based customers. Instead, it reported that will transfer all trading fees generated by these clients during the first half of 2022 to Ukraine.

As the exchange announced, the donation is part of an “aid package” worth more than $10 million that is being prepared by the company to support Ukraine in its efforts against the invasion of Russia.

Kraken will donate fees generated by Russian users to Ukraine

Additionally, the company announced that will be an airdrop $1,000 worth of BTC to all Ukraine-based accounts that were created before March 9 this year.

Accounts must be at an “intermediate” or “pro” verification level to qualify. It is unclear how many Ukrainians use the platform. This is because this information is not public.

“The value of BTC distributed is roughly equivalent to the total fees paid to Kraken by residents of Ukraine since 2013,” Kraken revealed.

Kraken will distribute over $10 million worth of to aid clients in Ukraine. Tranche 1 recipients will be credited $1000 of #BTC. The package is funded by historical Ukraine revenues and H1 2022 revenues from Russia-based trading.

The airdrop took place on March 10th. Also according to Kraken, users must log in by May 1 to claim the tokens.

In the meantime, any user who does not have an intermediate verification can apply to qualify for the second installment, which will take place on April 1.

The amount to be distributed in the second installment has not yet been decided, but will be based on the fees generated by Russian users during the first quarter of 2022.

For example, if Kraken’s customers in Russia pay $5 million in fees in the first quarter and there are 10,000 eligible accounts in the second phase 2, then each account will receive $500 worth of BTC.

“The amount to be distributed in the third installment is also undefined and will be based on the fees generated by Russian customers during the second quarter. The amount will be determined similarly to the second installment.”

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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