Kraken is putting together a massive assistance package to help victims of Russia’s ongoing invasion of Ukraine, with over $10 million going straight to those who have been harmed.
Clients who opened an account with Kraken before March 9, 2022, will be entitled to receive $1,000 in bitcoin, which may be withdrawn instantly from the exchange, starting tomorrow and lasting until July 1. It will also waive off currency conversion expenses of up to $1,000.
Kraken to aid the affected
“We expect to continue to be able to provide crucial financial services in a time of need to both our Ukrainian and Russian consumers,” stated Kraken CEO Jesse Powell. “At a time when many people throughout the world can no longer rely on traditional banks and custodians, cryptocurrency remains a crucial humanitarian instrument.”
Kraken will additionally contribute to the aid package an amount equal to the total trading fees paid by Russia-based clients in the first half of 2022. Further, as the crisis progresses, it may announce more help.
Kraken’s announcement represents the company’s first-ever foreign aid disbursement.
It also highlights the ongoing efforts to connect its company with the cryptocurrency community’s ideals, including the community’s firm view that all global citizens should have access to financial services.
Kraken continues to react to inquiries from governments in affected areas, and its 600-person compliance team is constantly monitoring the situation to ensure it complies with relevant sanctions laws.
It feels that this assistance program benefits both the organization and its clients, guaranteeing that no one gets disenfranchised due to the conduct of their elected officials.
This announcement comes after Binance, the world’s largest cryptocurrency exchange, pledged on February 27 to donate at least $10 million to major intergovernmental and nonprofit organizations already on the ground, including UNICEF, UNHCR, and the UN Refugee Agency, through its dedicated charity arm.
A sponsored crowdfunding drive has raised an extra $11 million. Each Ukrainian customer received $25 from FTX, a rival located in the Bahamas. CEO Sam Bankman-Fried, the industry’s second-richest man with a wealth of more than $20 billion, announced personal cooperation with the Ukrainian Ministry of Finance to generate crypto contributions.