Crypto Donation In USDT Stablecoin For Ukraine Reaches IDR 28 Billion

Funds raised from crypto donations amounted to 2 million USDT. (Photo; Drawkit - Unsplash)

JAKARTA – Whitepay as the Ukrainian crypto donation platform claims to have raised 2 million USDT. For information, USDT is a crypto stablecoin whose price is tied to the US dollar. So every single USDT coin is worth 1 US dollar. If converted, the amount of funds is equivalent to IDR 28 billion.

The funds are intended to help provide Ukrainian military equipment and war-affected citizens. USDT is one of the cryptocurrencies used for Ukrainian fundraising. In addition to these stablecoins, donations can also be made using other cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Polkadot (DOT), and Dogecoin (DOGE).

Whitepay Ukraine, a fundraising platform that seeks to help Ukrainian civilians and the country's military forces, recently said it had raised 2 million USDT. According to a tweet posted by the fund on March 6, some USDT has since been transferred to the Ukrainian Army to meet his medical needs. Some of the funds have been diverted to a humanitarian fund that finances the volunteers.

The fundraising platform Whitepay was founded by Estonian cryptocurrency exchange Whitebit and Ukrainian fintech and crypto entrepreneur Gleb Udovychenko. The fund was announced after reports said Ukraine had received $50 million worth of cryptocurrency in just one week. The fundraising report also comes as the Russian invasion and bombing of sites in Ukraine continues.

Whitepay stated that the humanitarian fundraising donations for Ukraine will continue until Russia leaves the country.

“Yes, I am in Ukraine. Yes, it really is a war here. People fight in the streets and support each other. Our military and territorial defense will fight until all Russian invaders leave our country," said Whitepay CEO Udovychenko.

In addition to donations to the Ukrainian defense forces, Whitepay also opened donations to assist the Ukrainian Ministry of Health in tackling war-affected citizens.