Source: financemagnates, 1/13/2024
Eligible clients can receive up to $105 in Kraken trading fee credit upon receipt of their funds. Clients must complete the registration and verification process to access the fee credit on Kraken Pro.
Kraken has announced a new initiative for clients who receive funds from FTX on its platform. These clients will be eligible for a fee credit, allowing them to trade up to $50K in cryptocurrencies without incurring trading fees.
Kraken Partners to Distribute FTX Funds
Kraken has completed its latest proof-of-reserves process, providing clients with 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 is holding clients’ assets in supported cryptocurrencies securely.
In December, Kraken was selected as a partner to distribute funds to former FTX clients. The company aims to reduce the cost of converting these USD payments into cryptocurrencies.
Eligible customers will receive up to $105 in Kraken Trading Fee Credits (KFEE), based on the amount of funds received. Kraken Pro will make these credits available and deposit them upon receipt of the FTX distribution.
Kraken Pro Trading Fee Credit
Customers can complete the necessary steps through the FTX Debtors client portal to confirm that they have received their funds. Eligibility requires full registration and identity verification for customers in supported regions.
Kraken upholds its security standards through a Proof of Reserves process, which it began in 2014 and has conducted regularly since 2022. The company has participated in high-profile cases, including the Mt. Gox collapse investigation and the 2024 distribution of funds to Mt. Gox creditors.
New Proof of Reserves Verifies Customer Balances
Kraken completed its latest Proof of Reserves process and enabled customers to confirm that their account balances fully back 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 customer assets for supported cryptocurrencies.
The proof covers six major assets: Bitcoin, Ethereum, Solana, USD Coin, Tether, and XRP, and includes spot, margin, and futures positions.
and ETH and SOL amounts held on-chain. In total, more than $21.5 billion in customer assets have been verified, Finance Magnates reported.
Kraken first introduced its Proof of Reserves system in 2014 and has been providing regular certifications since January 2022. Customers with supported assets can verify their balances by logging into their Kraken Pro accounts.
