The Government of Ukraine Launches New Crypto Donation Website

Ukraine Launches Crypto Donation Website.

Aid For Ukraine is the name of a new website launched in the United States in conjunction with FTX and Everstake as the government of Ukraine ramps up an effort to raise funds through cryptocurrencies.

According to a report, the website enables donations made through it to funnel the funds to Ukraine’s central bank. The report states that donations can be made to the bank using 10 different cryptocurrencies such as Bitcoin, Ethereum, Dogecoin, Tether among others.

Aid for Ukraine is another effort by the government of Ukraine to continue raising funds for its armed forces and resistance fighters who have been battling against a three-week Russian invasion of the country.

Ukraine’s deputy minister of Digital Transformation, Oleksandre Borniakov said that cryptocurrencies have played an important role in the country’s defense.

Since the beginning of hostilities between the two countries, crypto donations to the armed forces of Ukraine through its government amounted to nearly $70 million.

Converting Sympathy To Value

Borniakov said that there is an increasing awareness of the potential of cryptocurrencies with the onset of the war between Russia and Ukraine. Borniakov stated that:

“Cryptocurrency assets have proven to be extremely valuable in facilitating the flow of funding to Ukrainian citizens and soldiers and in raising awareness and interest among the global public,”

While Everstake is one of the biggest crypto firms in Ukraine, FTX is a prominent exchange in the Bahamas, founded by Sam Bankman-Fried, a US billionaire. The government hopes that the collaboration with the two companies would help the country to raise more funds as sympathy for the country is converted to value by the government.

The website will also be able to accept NFT donations down the line. Funds sent to Aid for Ukraine would be swapped for USD En route to the eastern European country.