Cryptocurrencies have proven to be a lifesaver for Ukraine in the war. They were able to raise a substantial amount of funds via donations which have helped their military and civilians in the war so far. And now, to make things even easier for other people to contribute, the Ukrainian government has launched a crypto donation website. They have partnered with the popular crypto exchanges FTX, Kuna, and staking platform Everstake for the same.
Ukrainian government launches crypto donation website
The platform will make it easier for those who want to donate crypto to Ukraine in this hour of need. For donations, it will support Bitcoin, Ethereum, Tether, Solana, Polkadot, Dogecoin, Monero, Neo, and Icon. The website also mentions that the government has already received $48 million in donations yet, and its goal is to reach $200 million. Apart from direct donations, many organizations are also raising funds for Ukraine.
They are going to store the funds in the National bank of Ukraine and use it to get the necessary supplies and ammunition for the country. Those who like to donate fiat can do so as well. The donations that are received by the government are stored on-chain and then transferred to FTX to be sold for fiat USD and then transferred to the Ukrainian bank.
The war shows how important can crypto be
Let’s start with Ukraine first. People from all across the world are coming forward to help them. Now, this is only possible because cryptocurrencies are a global currency and facilitate cross-border payments without any hiccups. It has also become clear that crypto and the traditional finance system can work together, says Solana Labs co-founder Anatoly Yakovenko. As for Russia, even they are in a dire situation as per the economy, and the ones suffering the most are the ordinary citizens.
Even for them, crypto has become essential because the Ruble’s value has dropped more than 50% after the war. Plus, the sanctions placed on them make it very difficult to carry out international trades.
Have you donated any cryptocurrency to Ukraine recently? And what are your thoughts as the Ukrainian government launches a crypto donation website? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: EU Parliament votes against banning proof of work consensus in crypto.