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 fees

Learn 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, and staking Staking Staking is defined as the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network. In particular, staking represents a bid to secure a volume of crypto to receive rewards. In most case however, this process relies on users participating in blockchain-related activities via a personal crypto wallet.The concept of staking is also closely tied to the Proof-of-Stake (PoS). PoS is a type of consensus algorithm in which a blockchain network aims to achieve Staking is defined as the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network. In particular, staking represents a bid to secure a volume of crypto to receive rewards. In most case however, this process relies on users participating in blockchain-related activities via a personal crypto wallet.The concept of staking is also closely tied to the Proof-of-Stake (PoS). PoS is a type of consensus algorithm in which a blockchain network aims to achieve Read this Term 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. Gox Mt. Gox Mt. Gox is the name of a Japan-based cryptocurrency exchange that was infamously hacked for 850,000 BTC worth roughly $450 million at the time in February of 2014. During July 2010 Mt. Gox formally launched Mt. Gox launched its exchange and price quoting service. It was subsequently sold to French developer Mark Karpelès in early 2011.Prior to its hacking, Mt. Gox suffered from other security vulnerabilities as early as June 2011. On 19 June, 2011, a security breach of the exchange caused the no Mt. Gox is the name of a Japan-based cryptocurrency exchange that was infamously hacked for 850,000 BTC worth roughly $450 million at the time in February of 2014. During July 2010 Mt. Gox formally launched Mt. Gox launched its exchange and price quoting service. It was subsequently sold to French developer Mark Karpelès in early 2011.Prior to its hacking, Mt. Gox suffered from other security vulnerabilities as early as June 2011. On 19 June, 2011, a security breach of the exchange caused the no Read this Term collapse 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.