| 28 May 2024, Tuesday |

Ukraine launches website for cryptocurrency donations

The Ukrainian government, in collaboration with cryptocurrency startups FTX and Everstake, created a website on Monday that will direct payments to Ukraine’s central bank as it fights a disastrous Russian invasion.

Users can donate in ten cryptocurrencies on the “Aid for Ukraine” website, including Bitcoin, ether, tether, and dogecoin.

In a statement, Oleksandre Borniakov, Ukraine’s deputy minister of Digital Transformation, said, “Cryptocurrencies play a vital role in Ukraine’s defense.”

“Cryptocurrency assets have proven to be incredibly beneficial in simplifying the flow of cash to Ukrainian civilians and military, as well as raising awareness and interest among the international public,” he continued.

Everstake, one of Ukraine’s largest cryptocurrency exchanges, will now allow users to donate in cryptocurrencies other than those listed on the platform.

In the future, the site hopes to offer the option to donate non-fungible tokens (NFTs).

The donated monies will be converted into dollars and routed to the National Bank of Ukraine through the Bahamas-based exchange platform FTX, which was founded by US billionaire Sam Bankman-Fried.

The effort also includes the Ukrainian cryptocurrency exchange site Kuna.

A tracker on the “Aid for Ukraine” website revealed that about $49 million had been raised out of a goal of $200 million by 2:30 p.m. GMT Tuesday.

The funds will be utilized to support Ukrainian servicemen and citizens who are “in desperate need of humanitarian assistance,” according to the partnership’s statement.

  • AFP