Ukraine Launches Crypto Fundraising Site With FTX as Donations Slow Down
Ukraine’s Ministry of Digital Transformation, in cooperation with major crypto exchange FTX and staking platform Everstake, has launched a crypto fundraising site to provide interested users with a convenient portal for donating to Ukrainian causes.
Aid For Ukraine , described as the country’s official website for crypto donations, accepts contributions in nine different cryptoassets: bitcoin (BTC) , ethereum (ETH) , polkadot (DOT) , solana (SOL) , dogecoin (DOGE) , monero (XMR) , ICON (ICX) , NEO N3 (NEO) , and stablecoin tether (USDT) .The website aims to add support for more cryptoassets over time.It supports fiat as well.
According to Solana co-founder Anatoly Yakovenko, this platform shows how the global crypto community and the traditional financial system can work together, explaining that:
“Crypto donations to the [DAO] [decentralized autonomous organization] are stored and governed on-chain, then transferred to FTX, a centralized exchange, to be sold for fiat USD sent via SWIFT to the Ukrainian government.”
Per the website, “the community has already raised” USD 48.1m out of the USD 200m goal.
Among the statements on the site, the founder of ICON Min Kim stated that the “ICON Foundation is joining global community efforts by pledging [USD] 1M towards aid and relief for the Ukrainian people.”
“I hope that our technology and community can make a small contribution in this time of need,” Kim said.
Funds raised via the initiative will benefit Ukraine’s military and humanitarian needs, according to the official press release .
Ukraine’s deputy minister of digital transformation Alex Bornyakov had previously noted that a significant portion of crypto donations was used to fund military needs and was used to purchase rations, bulletproof vests, and other forms of protection.
“Today, crypto is playing a significant role in Ukraine’s defense,” Oleksandr Bornyakov, the Deputy Minister of Digital Transformation was quoted in this latest press release as saying.
“Crypto assets proved extremely helpful in facilitation of funding flows to Ukrainian citizens and soldiers, as well as in raising awareness and engaging people worldwide.The amount of crypto crowdfunding for our country is already the biggest in history so far,” Bornyakov stated.
At the onset of the conflict in Ukraine, FTX announced that the exchange has distributed USD 25 to each Ukrainian user on their platform.
The new fundraising website goes live at a time when crypto donations have reached a plateau.
According to the crypto security firm SlowMist, which tracks crypto donations to the Ukrainian government and five non-profit organizations helping Ukrainian causes, the total USD worth of crypto donations has largely remained between USD 70m to USD 80m over the past seven days.
Per crypto research firm Elliptic’s March 11 update, the Ukrainian government has raised USD 63.8m through more than 120,000 cryptoasset donations since the start of the Russian invasion.
Meanwhile, Bornyakov has also praised crypto’s efficiency, noting that blockchain clearing and settlements are conducted in near real-time.In contrast, settlements made via the traditional banking system usually require two or three days.
“In a situation like this, where the national bank is not fully operating, crypto is helping to perform fast transfers, to make it very quick and get results almost immediately,” he said several days ago, adding that crypto’s “role is essential in this conflict in terms of helping our army.”
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