Kraken donates $10 million to Ukraine
Kraken donates $10 million to Ukraine

Kraken donates $10 million to Ukraine

By Vincenzo Cacioppoli - 10 Mar 2022

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Controversy is brewing these days via Twitter over the decision by the charismatic CEO of the cryptocurrency exchange Kraken, Jesse Powell, to return to sender Ukraine’s call, initiated by technology innovation minister Fedorov, to block Russian users of major cryptocurrency exchanges.

Kraken and blocking Russians

Powell initially stated that without a legal requirement he would never voluntarily block Russian accounts, as this would be contrary to the spirit of disintermediation and freedom around which the cryptocurrency concept was born.

In a subsequent Tweet, he also spoke about politics and the sense of democracy, going so far as to point out the dangers of demonizing Russia and its citizens.

He then entered into a direct dispute with American politicians and their supposed defence of democracy against Russian tyranny by stating very clearly that if he were to freeze the Russians for war he would have to do the same with Americans.

“If we were going to voluntarily freeze financial accounts of residents of countries unjustly attacking and provoking violence around the world, Step[One] would be to freeze all the US accounts”,

Powell wrote in a tweet.

Kraken Ukraine
Kraken donates $ 10 million to Ukraine

Kraken and the aid programme for Ukraine

As for Kraken’s proposed aid program, it will begin by providing $1,000 worth of Bitcoin on 10 March to all Ukrainian customers who created an account before 9 March and have an intermediate or pro account. Subsequent tranches will be distributed throughout the year, as well as other aid.

“As part of the effort, Kraken will also donate an amount equivalent to the total trading fees paid by clients based in Russia in the first half of 2022 to the aid package”.

A note from the company reads.

Powell explained this effort by the company in Ukraine in a recent tweet:

Aid to Ukraine from crypto exchanges

Kraken’s decision follows that of the world’s largest exchange, the Chinese Binance, which days ago proposed an $11 million aid campaign for Ukraine through its charity. It also raised another $12 million through a sponsored crowdfunding initiative. 

Finally, FTX has proposed to help Ukrainian users by giving $25 to each customer living in the areas affected by the conflict.

Vincenzo Cacioppoli

Vincenzo was born in Genova but lived most of his life in Milan. He has a degree in political science. He is a journalist, blogger, writer, and marketing and digital advertising expert. After a long experience in traditional marketing, he started working with the web and digital advertising in 2011, creating a company called Le enfants. Passionate about the web and innovation, in 2018 he started exploring the topics related to blockchain technology and cryptocurrencies. Independent cryptocurrency trader since March 2018, he now collaborates with companies in the sector as a content marketing specialist. In his blog., he has long been primarily focused on blockchain, which he considers to be the greatest technological innovation after the Internet. His first book about blockchain and fintech is scheduled for release in November.

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