Russia-Ukraine War

Ukraine launches website for cryptocurrency donations

AFP

San Francisco, USA

A fire engine extinguishes fire in an oil depot that Ukraine's State Emergency Services say was caused by Russian strikes in Zhytomyr region, Ukraine on 7 March, 2022 in this still image obtained from a handout video.Reuters

The Ukrainian government on Monday launched a website in partnership with crypto-firms FTX and Everstake that will funnel donations to Ukraine's central bank as it combats a devastating invasion by Russia.

On the "Aid for Ukraine" website, users can currently offer donations in 10 cryptocurrencies, including Bitcoin, ether, tether and dogecoin.

"Cryptocurrencies play a significant role in Ukraine's defense," Oleksandre Borniakov, Ukraine's deputy minister of Digital Transformation, said in a statement. 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," he added.

The crypto firm Everstake, one of the largest in Ukraine, will allow users be able to make donations in other cryptocurrencies than those listed on the site.

The site also plans to add the ability to donate non-fungible tokens (NFTs) in the future.

Bahamas-based exchange platform FTX, founded by US billionaire Sam Bankman-Fried, will convert the donated funds into dollars and route them to the National Bank of Ukraine.

The Ukrainian cryptocurrency exchange platform Kuna is also part of the initiative.

On the "Aid for Ukraine" site, a tracker showed that by 0230 GMT Tuesday, almost $49 million had been raised out of a goal of $200 million.

The money will be used to support the Ukrainian military as well as civilians "in dire need of humanitarian assistance," the partnership said in the statement.