Ukraine government partners with FTX, Kuna and Everstake for crypto donations

The Ukrainian government has received millions of dollars worth of cryptocurrency donations over the past two weeks since Russia invaded the country. In a recent development, the Ukrainian government will partner with FTX, Kuna and Everstake to support cryptocurrency donations.

The three crypto-based platforms will work with the Ukrainian government to launch a donations website. The website will be used by crypto donors who want to support its war efforts and population.   

Ukraine launches crypto donation site

The Ukraine Ministry of Digital Transformation noted that the Aid for Ukraine website would accept donations in various cryptocurrencies, including Bitcoin, Ether, Tether, Polkadot, Solana, Dogecoin, Monero, Icon and Neo.

So far, the website claims to have sent over $48 million worth of cryptocurrencies. The goal is to raise $200 million worth of crypto for this fund. The donations will be channelled to the National Bank of Ukraine to buy “ammunition and necessities.”

The Ukraine central bank will also accept fiat donations. According to the co-founder of Solana labs, Anatoly Yakovenko, the fund was proof that the crypto and fiat systems could 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,” Yakovenko added.

Crypto community pours financial support to Ukraine

The cryptocurrency community has been actively involved in donating to the Ukrainian government. FTX announced that it has distributed $25 to every Ukrainian user on the website. Kraken has also announced giving $1000 to each user on the exchange who created an account before March 9.

As of March 9, humanitarian organizations and government institutions in Ukraine have received over $108 million in donations made in crypto. The funds are helping the country as it fights off the Russian invasion. The funds are also being used to help in the humanitarian crisis caused by displacement.

On the other hand, Russia’s economy has been affected by the sanctions imposed by the US and Western countries. Due to these sanctions, the Russian ruble has crumbled to all-time lows against the US dollar.

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