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Crypto has become a more ubiquitous component of the world’s financial infrastructure, which implies that it is inextricably linked to geopolitical conflict — for better or for worse.
In a setting when governments are in disarray, counting on traditional banks is risky, and there is a fear of scrutiny. As a result, a largely anonymous system devoid of government intervention is desirable.
This is why the Ukrainian government has developed an official cryptocurrency contribution website in order to gather donations for the Ukrainian military forces and humanitarian relief programs fighting Russia.
Related Article | Blockchain Forensics Firm Uncovers 15 Million Crypto Addresses Tied To Sanctioned Russians
Crypto Collab Between Gov’t & Private Firms
Numerous news reports said the fundraising platform is a partnership between the country’s Ministry of Digital Transformation, cryptocurrency company Everstake and crypto exchange FTX.
According to “Aid for Ukraine” website, the platform currently accepts digial currencies such as Bitcoin, Ethereum, Tether and Dogecoin. It outlines how donations are translated to US dollars and transmitted to Ukraine’s National Bank via a centralized exchange.
Oleksandre Borniakov, Ukraine’s Deputy Minister of Digital Transformation, said in a statement:
“Cryptocurrencies are critical to Ukraine’s military… Cryptoassets have proven to be incredibly helpful in enabling the flow of funds to Ukrainian residents and soldiers, as well as in raising global awareness and interest.”
Target: $200 Million
Almost $100 million in virtual currency has been sent to aid the people of Ukraine in recent weeks, Bornyakov added.
The Ukrainian government is also accepting cryptocurrency donations, having secured around $54 million as of March 11, or approximately a quarter of the platform’s $200 million objective.
Fiat donations to Ukraine’s central bank are also accepted in a variety of currencies.
Total crypto market cap at $1.752 trillion on the daily chart | Source: TradingView.com
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Within the same interface, anyone may now select the desired donation amount in selected cryptocurrency, connect a wallet, and finalize a transaction.
The fundraising process will be transparent on the internet in real time.
Ukraine’s Vice Prime Minister Mykhailo Fedorov, who is also the minister of digital transformation, stated on Twitter:
“Today marks the launch of the official website via which individuals from all around the world can make crypto donations to Ukraine.”
Additionally, Everstake intends to implement a new feature that will allow donations in non-fungible tokens (NFTs).
FTX, founded by US billionaire Sam Bankman-Fried, will convert the contributed resources to dollars and channel them to Ukraine’s central bank to be used for “ammunition and essentials,” according to sources.
Bitcoin, like the S&P 500, plummeted when Russia invaded Ukraine – it behaved identically to other major US stocks. And, like the S&P 500, bitcoin recovered later in the week.
Bitcoin was trading at $39,138.60 as of this writing, up 0.9% in the last 24 hours.
Featured image from The Defense Post, chart from TradingView.com
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