In the aftermath of Russia’s invasion of Ukraine, Sam Bankman Fried, CEO of FTX, has stepped forward to assist a crypto contribution scheme. He claimed, modestly, that FTX will assist the Ukrainian Ministry of Finance and other communities in collecting cryptocurrency donations for the country. Across $60 million in cryptocurrency donations have been received by the Ukrainian government from all over the world.
FTX comes to Ukraine’s aid
Sam Bankman Fried, CEO of FTX, noted that the Ukraine war has dragged on. The country is in desperate need of humanitarian assistance and access to the global financial system. He also emphasized the need for sanctions and cryptocurrency in this type of situation. He indicated that cryptocurrency exchanges should take the government’s measures seriously.
FTX has always emphasized the importance of active cooperation and communication with regulators and policymakers in ensuring that laws and regulations accomplish their intended outcomes. FTX reads a letter
Sam Bankman, emphasizing the urgency of assisting the nation, stated that the FTX team is proud to assist the Ukrainian Ministry of Finance in streamlining the donation process.
— SBF (@SBF_FTX) March 8, 2022
In this case, Everstake, a decentralized staking provider, expressed gratitude to FTX. Additionally, it stated that FTX is the only platform willing to assist them.
How is FTX beneficial to Ukraine?
FTX will provide its support to the ‘Aid for Ukraine’ project, the first of its type. By establishing a Decentralized Autonomous Organization (DAO), the project will concentrate on 1) receiving crypto donations and 2) offramping them directly into the Ukrainian national bank in fiat currency.
Previously, the CEO of FTX noted the expansion of the cryptocurrency ecosystem in Ukraine, as well as the depreciation of fiat currencies in the aftermath of the Russian invasion.
However, the two countries’ battle has shook the world’s humanity and economy. A group of nations has announced penalties in order to exert pressure on the Russian government. Meanwhile, this has resulted in a surge in bitcoin acceptance and reliance.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.