Kraken, the San Francisco-based cryptocurrency exchange, has launched a promotional campaign aimed at attracting new deposits from clients. Dubbed the "February Deposit Match," the initiative offers a 3% bonus on net cash and cryptocurrency deposits made through March 9, 2026. The reward is capped at a maximum of $30,000 per user account.
The promotion highlights a broader trend within the digital asset and trading platform industry, where firms are increasingly deploying financial incentives to draw customer capital onto their platforms. Once assets are deposited, they are more likely to be used for trading activities or placed into the platform's various yield-generating products, thereby increasing user engagement and platform revenue.
Kraken has been actively expanding its service offerings beyond its core cryptocurrency business. The exchange now promotes access to over 11,000 commission-free stocks and exchange-traded funds (ETFs) for eligible U.S. clients through its mobile application, positioning itself as a more comprehensive financial services provider competing in the broader retail brokerage space.
Specific terms govern the bonus offer. The 3% match is calculated based on "net deposits," defined as total deposits minus any withdrawals occurring within the promotional window from February 2 to March 9, 2026. The matched net deposits are themselves capped at $1 million per account. Kraken states that the bonus will be credited within 14 days after the promotion concludes on March 9.
However, the reward comes with a significant holding requirement. To retain the bonus and avoid a clawback, users must maintain their qualifying net deposit balance through September 9, 2027—an 18-month period. Furthermore, the bonus itself is non-withdrawable for 18 months after it is issued. Kraken's official terms reserve the right to modify or terminate the promotion and to execute clawbacks without prior notice if balances fall below the required threshold.
Prospective participants must enroll in the promotion via the Kraken app before making deposits; any funds transferred prior to enrollment are ineligible. The enrollment process also requires users to enable "Auto Earn," a platform feature that automatically allocates eligible assets into Kraken's staking and other reward programs. The company notes that assets in Auto Earn remain available for trading or withdrawal.
The bonus will be paid primarily in USDG, an Ethereum-based stablecoin issued by Kraken that is designed to maintain a 1:1 peg with the U.S. dollar. The company acknowledges that, like all stablecoins, USDG carries inherent risks, including potential depegging events. Canadian users will receive their bonus in the USDC stablecoin instead.
This aggressive promotional strategy places Kraken in direct competition with other major retail-focused platforms like Coinbase, Binance, and Robinhood, all of which frequently utilize sign-up bonuses and reward programs to attract and retain customers. The move underscores the intensifying battle for market share in the crowded fintech and crypto exchange sector. Kraken has not publicly disclosed the projected total cost of the promotion or its expectations for user participation.
