The Russian invasion of Ukraine has prompted many companies and platforms all over the world make contributions to assist the latter and crypto exchange Kraken has also joined the list. The exchange has disclosed that it will hand out aid of about $10 million for its clients that have been affected by the military operation. The fee of Ukrainian residents is covered in this amount of about a decade and also includes the fee that was withheld from traders in Russia in the first half of the year. According to the US-based exchange, those who created an account on the exchange from Ukraine before March 9th of the year will receive about $1,000 Bitcoin (BTC).
This is applicable to ‘Intermediate’ and ‘Pro’ accounts on the Kraken exchange. Users in Ukraine will be able to make a withdrawal from the exchange immediately, while they will not be charged currency conversion fee for amounts as high as $1,000. There are three tranches planned and the first will be the equivalent of the total fee that the Ukrainian residents have paid to the exchange since 2013. The exchange also added that they could give further aid in the future as well. Jesse Powell, the CEO of the Kraken exchange, talked about the intensifying crisis in Ukraine.
He said that they wanted to be able to provide essential financial services to people in both Russia and Ukraine at such a time. He went on to say that crypto was a vital humanitarian tool, especially during this time when relying on traditional custodians and banks is not possible. Moscow had launched its military operation in Ukraine back at the end of February and since then, the government in Kyiv had asked crypto exchange to freeze accounts of users in Russia. However, most of the renowned platforms had denied the request because they did not consider it appropriate.
Powell had stated back then that it did not appear to be a viable option for them. This aid announcement is the first international initiative that Kraken has taken and it highlights the efforts of the business in aligning with the crypto community. This is not very different from the belief that people all over the globe should have access to financial services. The exchange said that this was also applicable to Russian clients who are also not in favor of the ongoing conflict. It said that the aid program can benefit the company as well as their clients and also help in ensuring that people don’t have to pay for the actions of their leaders and representatives.
Kraken also emphasized that it was closely monitoring Ukraine’s situation and was ready to respond to any requests from authorities in affected areas in order to abide by sanctions. The announcement further dictated how the exchange plans on distributing the aid and the eligibility requirements that are applicable. Volunteer groups and officials in Ukraine have been actively asking for crypto donations. Since the start of the conflict, they have used the digital money that has been raised for solving humanitarian problems and for supporting their defense efforts.