Users have transferred about $48 million USD in cryptocurrency to government-issued wallet addresses, accounting for approximately 24% of the platform’s $200 million target.
The cryptocurrency exchanges FTX and Kuna, as well as the staking platform Everstake, have teamed with Ukrainian government officials to develop a contribution website for individuals interested in donating cryptocurrency to aid the country and its people.
Ukraine’s ministry of digital transformation announced Monday that the government has created Aid for Ukraine, a platform that takes donations in Bitcoin (BTC), Ether (ETH), Tether (USDT), Polkadot (DOT), Solana (SOL), Dogecoin (DOGE), Monero (XMR), Icon (ICX), and Neo (NEO). Since Feb. 24, Russia’s military has attacked numerous areas of the country.
According to the website, users had sent over $48 million in cryptocurrency at the time of publication, accounting for around 24% of the platform’s $200 million target. The monies will be transferred to Ukraine’s National Bank and used to purchase “ammunition and essentials” for humanitarian assistance programs and the country’s armed forces. Fiat donations to Ukraine’s central bank are also accepted in a variety of currencies.
“Aid For Ukraine demonstrates how the global cryptocurrency community and the traditional financial system can collaborate,” said Anatoly Yakovenko, co-founder of Solana Labs. “Crypto donations to the DAO are held and managed on-chain before being moved to FTX, a centralized exchange, where they are converted to fiat USD and remitted to the Ukrainian government via SWIFT.”
Crypto proved to be a real life saver thanks to its ease of use. We at @mintsyfra made crypto donations even easier. Together with @everstake_pool and @FTX_Official we announce https://t.co/8LsgXj0HSB — a website where you can donate crypto to save Ukraine.
— Alex Bornyakov (@abornyakov) March 14, 2022
The platform used its Twitter account to aggregate a list of wallet addresses previously released by the Ukrainian authorities. However, in the aftermath of Russia’s invasion of Ukraine, some crypto businesses have expressed their intention to donate to Ukraine. Kraken has committed to donate $1,000 to each user who created an account in the country prior to March 9, and the Bored Ape Yacht Club has pledged to match any donation in ETH up to $1 million.
As on March 9, numerous groups and government-run wallets had collected more than $108 million to assist Ukraine. The monies earmarked for Ukrainians come as Russia struggles economically as a result of US and EU sanctions. Numerous private companies, including the world’s largest bank Goldman Sachs, as well as Visa and Mastercard, have severed connections with the government in the recent two weeks.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.