Kraken has announced a new initiative for clients receiving funds from FTX on its platform. These clients will be eligible for fee credits, allowing them to trade up to $50,000 in cryptocurrency without incurring trading fees.
Kraken Partners to Distribute FTX Funds
In December, Kraken was chosen as a partner for distributing funds to former FTX clients. The company aims to reduce the cost of converting these US dollar payouts into cryptocurrencies.
Eligible clients will receive up to $105 in Kraken trading fee credits (KFEE), based on the amount of funds received. These credits will be available on Kraken Pro and credited upon receipt of the FTX distribution.
???? Announcing zero trading fees for crypto up to $50k for FTX creditors ???? New clients that select Kraken to receive their funds from FTX will receive fee credits that allow them to buy up to $50k in crypto on Kraken Pro without feesLearn more ⤵️ https://t.co/Ghoss0iM6M
— Kraken Exchange (@krakenfx) January 9, 2025
Kraken Pro Fee Credits for Trading
Clients can complete the necessary steps through the FTX Debtors’ Customer Portal to ensure they receive their funds. Eligibility requires full onboarding and identity verification for clients in supported regions. The fee credits will be accessible within days of the deposit and are usable exclusively on Kraken Pro, which offers spot, margin trading, andstaking services.
Kraken maintains its security standards through its Proof of Reserves process, which began in 2014 and has been conducted regularly since 2022. The company has participated in notable cases, including the Mt. Goxcollapse investigation and the 2024 fund distribution to Mt. Gox creditors.
New Proof of Reserves Confirms Client Balances
Kraken has completed its latest Proof of Reserves, offering clients a way to confirm that their account balances are fully backed by on-chain assets. The verification, conducted by an independent third-party firm, is based on a snapshot taken on September 30, 2024. It confirms that Kraken securely holds client assets for supported cryptocurrencies.
The attestation covers six major assets: Bitcoin, Ethereum, Solana, USD Coin, Tether, and XRP, and includes spot, margin, futures positions, and on-chain staked amounts of ETH and SOL. In total, over $21.5 billion in client assets were confirmed, as reported by Finance Magnates.
Kraken first introduced the Proof of Reserves system in 2014 and has provided regular attestations since January 2022. Clients with supported assets can verify their balances by logging into their Kraken Pro accounts.
This article was written by Tareq Sikder at www.financemagnates.com.
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