Users have sent more than $48.46 million in crypto at the time of publication.
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The Ukrainian government has announced it has partnered with crypto exchange, FTX and staking platform Everstake to launch a donation website for users wishing to send crypto to help the country and its people.
The Ukrainian Ministry of Digital Transformation, in an announcement, explained that the government had launched Aid for Ukraine, a platform that accepts donations in Bitcoin (BTC), Ether (ETH), Tether (USDT), Polkadot (DOT), Solana (SOL), Dogecoin (DOGE), Monero (XMR), Icon (ICX), and Neo (NEO) “to support people in their fight for freedom.”
The announcement reads, “Jointly with the blockchain company Everstake and the cryptocurrency exchange FTX, we’ve launched the website “Aid For Ukraine” to collect crypto for supporting the army. We are grateful to everyone for support and help.”
What you should know
According to the website, users have sent more than $48.46 million in crypto at the time of publication, approximately 24.2% of the platform’s $200 million goal. The funds will be sent to the National Bank of Ukraine and used for “ammunition and necessities” to support the country’s armed forces and humanitarian aid programs. Fiat donations to Ukraine’s central bank in various currencies are also accepted.
Solana Labs co-founder Anatoly Yakovenko stated, “Aid For Ukraine shows how the global crypto community and the traditional financial system can work together. Crypto donations to the DAO 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.”
The platform consolidated the list of wallet addresses previously provided by the Ukrainian government using its Twitter account. However, since Russia’s invasion of Ukraine, some crypto firms have also announced they would be donating to Ukraine. Kraken pledged to distribute $1,000 to each user who created an account in the country before March 9, while the Bored Ape Yacht Club said it would match a $1 million donation in ETH.
Organizations and government-run wallets have received more than $108 million towards helping Ukraine. The funds intended for Ukrainians come amid Russia facing economic stress due to sanctions imposed by the United States and the European Union. Many private businesses including major banking firm Goldman Sachs, Visa and Mastercard have all cut ties with the country in the last two weeks.
To consolidate between these two supply and demand zones, with considerable volatility, is not certain given the current state of global uncertainty and existing fears in the market.