As the official statement reads, Kraken is planning to distribute an aid package of over $10 million directly to the affected clients to support victims of the ongoing Russian invasion of Ukraine.
Starting from tomorrow till July 01st, Kraken clients who have already created an account from Ukraine prior to March 9, 2022, will be eligible for the aid.
They will receive $1,000 in bitcoin that can be immediately withdrawn from the exchange. This time, the currency conversion fees up to $1,000 will also be waived.
Describing cryptocurrency as a humanitarian tool, Jesse Powell, CEO of Kraken commented, “We hope to continue being able to provide critical financial services in a time of need to both our clients in Ukraine and in Russia.”
Kraken will also donate an amount equivalent to the total trading fees paid by Russia-based clients(in the first half of 2022) to the aid package.
Further, additional aid may be announced as the crisis continues to unfold.
The firm further said that it believes this aid program helps the firm and also the clients and makes sure that neither of them are disenfranchised by the actions of their representatives and leaders.
The drop date for Tranche 1 is March 10 and for Tranche 2 is April 01. Further details regarding the eligibility of requirements is available in the official statement.
Just a few weeks ago, Kraken was in news or rather a controversy for its CEO’s tweets which were made in response to Canada invoking its Emergencies Act.