Kraken Woos FTX Creditors with New Reward Scheme

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Kraken, a well-known cryptocurrency exchange, has recently proposed a plan to assist FTX’s creditors and users in reentering the crypto market with ease. Earlier today, the company unveiled an innovative initiative that provides fee-free cryptocurrency trading for FTX users.

This fresh program caters to qualified customers who get their payments via Kraken, offering comfort to FTX users yearning to reinvest in cryptocurrency. This action aligns with Kraken’s continuous efforts to deliver a seamless trading experience for crypto enthusiasts.

Kraken Offers A Fresh Start for FTX Clients

When FTX went bankrupt, numerous customers found themselves in a predicament, unsure about the timeline or method for retrieving their assets. However, with the initiation of bankruptcy payouts, Kraken is offering assistance to ease their concerns.

In my role as an analyst, I’m sharing that FTX, in the course of distributing its remaining assets, has opted for Kraken as one of the chosen platforms. As this process progresses, Kraken intends to simplify the experience for customers by minimizing the barriers associated with transaction fees when they choose to reinvest in cryptocurrencies.

In order for this to be realized, Kraken is providing potential customers with trading fee credits of up to $105 (referred to as KFEE). Importantly, the amount of these credits each client receives is contingent on the funds they will get from the FTX distribution.

These credits are specifically tailored for Kraken Pro, the preferred platform for Kraken’s spot trading, margin trading, and staking activities. By utilizing these fee credits, clients can bypass standard transaction fees when re-entering the cryptocurrency market.

For those transitioning from FTX, starting with Kraken is a smooth process. Upon receiving their payout, clients need to finish Kraken’s complete onboarding procedure, which involves verifying their identity. After successful verification, the trading fee credits will be automatically added to their account.

You can utilize the credits swiftly, which makes it a convenient and reachable choice for those eager to promptly invest again in cryptocurrency.

As a researcher studying our platform, I can assure you that you’ll encounter an outstanding user experience. This platform is renowned for its robust liquidity, competitive spreads, and unwavering commitment to customer service.

Since its establishment more than 13 years ago, Kraken has been at the forefront of client service. Founded by Jesse Powell, the company was born out of his direct encounter with the aftermath of the 2011 Mt. Gox hack.

This encounter sparked within him the motivation to establish a platform characterized by strong safety protocols and clear-cut procedures. These values remain the cornerstone of Kraken’s functioning even now.

FTX Repayments Kick Off: New Plan Brings Relief to Users

At last, the long-anticipated reorganization plan for FTX was put into action on January 3. This move empowers eligible users to initiate repayments, addressing the aftermath of FTX’s collapse in 2022. FTX creditors have cautioned users to stay vigilant against phishing scams and to rely solely on the official website to submit claims and receive updates.

Individuals who submit their claims accurately should anticipate receiving their compensation within a period of 60 days. Importantly, the repayment process will initially focus on claims falling under the “convenience class,” specifically those with a total amount of $50,000 or less.

The strategy, given the green light in October, is designed to reimburse approximately 98% of its users, offering them compensation that surpasses the value of their reported assets. This move brings comfort to a large number of impacted clients.

In late December 2024, there was misunderstanding. This arose when a representative for FTX creditors, named Sunil, provided incorrect information regarding the repayment dates that were scheduled for January.

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2025-01-09 20:51