Kraken, the world’s leading cryptocurrency exchange, will award $1,000 in bitcoin to every Ukrainian citizen who has opened an account before March 10. This initiative was created to assist those in need following Russia’s “special military operation” in Ukraine.
Kraken Supports Ukrainians
The number of individuals, companies, and trading venues that are doing their best for Ukraine during the ongoing conflict with Russia is growing. The Kraken, a crypto-exchange based in the United States, is the latest example.
Kraken announced that it will donate $1,000 in bitcoin to Ukrainian users who sign up before March 10th. Kraken will also distribute $1,000 worth of Kraken Fee Credits so that customers can convert bitcoins for free. Citizens can withdraw cryptocurrency instantly.
The company stated that it would give away digital assets worth more than $10,000,000 to the affected Ukrainian citizens. Kraken hopes that this will be seen as a fair compromise, having previously refused to block Russian-based users. Jesse Powell, CEO of the platform, commented:
“We hope that we can continue to be able to offer critical financial services in times of need to both clients in Ukraine or Russia.” The use of cryptocurrency is an important humanitarian tool at a time in which many people around the globe can no longer depend on traditional banks or custodians.
Kraken explained that Kraken’s $10 million donation is equal to the trading fees paid over the first month of 2022 by Russian-based clients. The company will not make any profit from this custom. This is yet another way for the company to express its disapproval at the military conflict.
The Reaction from The Exchanges
In the midst of the Russian invasion in Ukraine, Mykhailo Fedorov, Vice Prime Minister of the Russian Federation, urged all major digital asset platforms to block any Russian users’ Blockchain addresses.
Binance and Kraken didn’t comply with that request. The first argued that crypto is intended to give greater financial freedom, and that such a move could be opposed to the idea of the industry. It was also implied that most of these accounts belonged to “innocent” people who have no connection to the war.
Kraken also took a similar position, describing Bitcoin and altcoins in the same way. Powell stated that it would be wrong to block all Russian clients’ accounts.
Coinbase on the other hand blocked 25,000 Russian Blockchain addresses that were connected to individuals who are allegedly involved in illegal activities.
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