A crypto fundraising website named Aid for Ukraine has been launched today by the Ukrainian Ministry of Digital Transformation and FTX in partnership with Everstake, to allow donors to expedite contributions to the war-torn nation.
With the launch of an official website, cryptocurrency donations to Ukraine are now easier than ever. Within one simple user-friendly interface, anyone can now select the desired donation amount in selected cryptocurrencies, connect a wallet, and confirm a transaction all in one place.
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 their support and help.”
All fundraising activities will be tracked in real-time on the website. Upon totaling donations, the dollar value at the Coingecko rate will be tentatively expressed in USD.
It is estimated that a total of 48.05 million dollars worth of crypto has been sent through the platform up to the time of publication, which is about 24.2% of the platform’s $200 million goal. Funds will be transferred to the National Bank of Ukraine and used for “ammunition and necessities” to support the armed forces and humanitarian aid programs in Ukraine. In addition to Fiat donations, there is also the option of giving in various currencies to the central bank.
Although the central bank has already transformed those donations into tangible resources. According to Deputy Minister of Digital Transformation and Industry Development of Ukraine, Alex Bornyakov, a list of supplies that have been bought since 1 March 2017, included 5,550 bulletproof vests and 410,000 packed lunches, and 500 helmets. In a statement, Aid for Ukraine said that all funds raised through its site will directly benefit the armed forces of Ukraine, as well as civilians seeking humanitarian aid.
Aid For Ukraine demonstrates how cryptocurrencies can work with traditional financial systems. The DAO’s Crypto donations are stored and governed on-chain, then sold for fiat USD through FTX, a centralized exchange. All fiat transactions are remitted via SWIFT to the Ukrainian government.
Anatoly Yakovenko, Co-founder of Solana Labs
Platforms including Kraken and Bored Ape Yacht Club have pledged to donate to Ukraine since the Russian invasion. Kraken pledged $1,000 to every user that created an account in Ukraine before March 9; Bored Ape Yacht Club pledged to match a $1 million donation.
More than $108 million has been allocated to organizations and government wallets to aid Ukraine. The money comes as Russia faces economic stress due to sanctions imposed by the U.S. and the EU. Many private businesses, including Goldman Sachs, Visa, and Mastercard, have severed ties with the country in recent weeks.
In a statement, Boryakov noted that the upcoming collection of non-fungible tokens would be the next boost to the fundraising process.
