American cryptocurrency exchange Kraken has announced an aid package of more than $10 million (about Rs 76 crore) for Ukrainian citizens. The exchange will donate an amount equal to the total trading fees collected from Russian customers to Ukraine during the first half of 2022.
To ensure that this aid comes to citizens immediately, the exchange is offering up to $1,000 (approximately Rs 76,300) in bitcoin to Ukrainian users who opened an account on the crypto exchange before March 9. The exchange will also offer $1,000 in Kraken Free Credits, which will ensure that people can convert bitcoins at no cost.
This aid package is a Bitcoin airdrop organized by Kraken and is being funded through profits from Ukraine as well as trade fees from Russian accounts. Kraken, however, stated that in order to qualify for the airdrop, the account must have received an “intermediate” or “pro” level of verification.
The airdrop will take place on March 10 and users will be able to withdraw it immediately through the exchange. Users can log-in at any time till May 1 to claim the drop. Kraken has decided to split support into three lots, users who already meet the March 10 airdrop requirements will automatically become part of the first lot.
Users who do not have intermediate verification can apply to be part of the second drop, which will take place on April 1. The amount to be distributed under the second drop has not yet been decided and will be based on fees collected from Russian users during the first quarter of 2022.