On February 24, a large part of Ukraine became the target of an attack by the Russian military. Hence, Ukraine will open a donation website for users and send cryptocurrency to help the country and its people. Cryptocurrencies Kuna, FTX, and Everstake are cooperating with Ukraine’s government. On Monday, the Ukrainian Ministry of Digital Transformation said the platform started assisting Ukraine. The platform takes donations of Bitcoin, Ethereum, Tether, Dogecoin, Polkadot, Solana, Icon, Monero, and Neo.
According to the website, users sent more than $48 million in cryptocurrencies at publication. That’s about 24% of the platform’s $200 million goals. The funds will go to the National Bank of Ukraine; the pool will support the country’s armed forces and humanitarian assistance programs. In addition, Fiat donations in various currencies will be accepted from the Central Bank of Ukraine. The aid to Ukraine shows how the global crypto community and the traditional financial system can work together. Crypto donations to DAO are stored and regulated on a chain; Then transferred to FTX, the centralized exchange, which sells for Fiat dollars; It will send it to the Ukrainian government via SWIFT.
Ukraine and Crypto
The platform consolidated a list of wallet addresses previously provided by the Ukrainian government using a Twitter account. However, after the Russian invasion of Ukraine, some crypto firms also announced that they were donating to Ukraine. Also, Kraken promised to distribute $1,000 to each customer who created an account in the country by March 9. According to the Bored Ape Yacht Club, this coincides with a $1 million donation to ETH.
As of March 9, various organizations and government-run wallets reportedly received more than $108 million to help Ukraine. Funds for Ukrainians go against that background; meantime, Russia is facing economic stress due to sanctions imposed by the US and the EU. Many private businesses, including Visa, Goldman Sachs, and Mastercard, lost contact with the country in the past two weeks.
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