Kraken Announces $10 Million Aid Package for Ukraine, Promises $1,000 in Bitcoin Each for Its Ukrainian Users

The $10 million (roughly Rs. 76 crore) donation equals the total trading fees paid by Russia-based clients over the first months of 2022.

By Shomik Sen Bhattacharjee | Updated: 10 March 2022 18:44 IST

Kraken Announces $10 Million Aid Package for Ukraine, Promises $1,000 in Bitcoin Each for Its Ukrainian Users

Photo Credit: Kraken

Kraken will donate $1,000 in BTC to affected Ukrainian residents.

Highlights

Kraken will airdrop $1,000 worth of Bitcoin to Ukrainian users
The exchange will also ensure transaction fees are waived
The aid will be reached to Ukrainians in three lots

Kraken, the popular US-based cryptocurrency exchange, has announced an aid package of over $10 million (roughly Rs. 76 crore) for Ukrainian citizens. The exchange will donate an amount equivalent to the total trading fees it has generated from Russia-based clients during the first half of 2022 to Ukraine. In order to make sure this aid is useful to citizens right away, the exchange is giving $1,000 (roughly Rs. 76,300) in Bitcoin to Ukrainian users who opened an account on the crypto exchange before March 9. The exchange will also distribute $1,000 in Kraken Fee Credits to ensure those in immediate need can make conversions at no cost.

The aid package is essentially a Bitcoin airdrop organised by Kraken and is being funded via its Ukrainian revenues as well as the mentioned trade fees generated from Russia-based accounts. Kraken has stated though that in order to qualify for the airdrop, accounts must be at an “intermediate” or “pro” level of verification.

Kraken will distribute over $10 million worth of to aid clients in ????????Ukraine. Tranche 1 recipients will be credited $1000 of #BTC, withdrawable tomorrow. The package is funded by historical Ukraine revenues and H1 2022 revenues from Russia-based trading.https://t.co/DdkY2TsVoB
— Kraken Exchange (@krakenfx) March 9, 2022

The airdrop will take place on March 10 and users will be able to immediately withdraw the amount through the exchange itself. Users can choose to log in anytime by May 1 to claim the drop. Kraken has also chosen to disburse the aid in three lots, with users who already meet the March 10 airdrop requirements being automatically part of the first lot.

Any users that don't have an intermediate verification can apply for it to become eligible for the second drop, which will take place on April 1. The amount to be distributed under the second drop is yet to be decided and will be based on fees generated from Russian users during the first quarter of 2022.

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Cryptocurrency donations in wallet addresses of the Ukrainian government have continued to flow in from various sources including charities and other relief efforts with the amount reaching $108 million (roughly Rs. 824 crore) as per a Cointelegraph report.

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The past day has also seen the popular Bored Ape Yacht Club NFT collection or BAYC. After collecting nearly $1 million (roughly Rs. 7.5 crore) in ETH from wallets containing a BAYC non-fungible token, the developers behind BAYC said it would match the contribution with an ETH $1 million donation of their own.

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