Crypto FTX, Kuna And Everstake Collaborate With Ukrainian Government To Launch Crypto Donation Wallet

The Ukrainian government cooperates with a cryptocurrency exchange agency for donations against the Russian Invasion. (photo; doc. pixabay)

JAKARTA – Crypto exchanges FTX and Kuna and cryptocurrency storage platform Everstake have partnered with Ukrainian government officials to launch a donation website for users wishing to send cryptocurrency to help the country and its people.

In an announcement, Monday, March 14, Ukraine's Ministry of Digital Transformation said the government had launched Aid for Ukraine. It is a platform that accepts donations in Bitcoin (BTC), Ether (ETH), Tether (USDT), Polkadot (DOT), Solana (SOL), Dogecoin (DOGE), Monero (XMR), Icon (ICX), and Neo (NEO).

This platform is used to support people in their struggle for freedom from the Russian invasion. Many parts of the country have been under attack by the Russian military since February 24.

According to the website, users have sent more than 48 million US dollars (IDR 688 billion) in cryptocurrency at the time of publication. This amount is approximately 24% of the target of USD 200 million (IDR 2.86 trillion) on the platform.

The funds will be sent to the National Bank of Ukraine and used for "ammunition and necessities" to support the country's armed forces and humanitarian aid programs. Donations of fiat money to the Ukrainian central bank in various currencies are also accepted.

“Help For Ukraine shows how the global crypto community and traditional financial systems can work together", said Solana Labs co-founder, Anatoly Yakovenko, as quoted by Cointelegraph.

“Crypto donations to the DAO are stored and regulated on-chain, then transferred to FTX, a centralized exchange, for sale in fiat USD which is sent via SWIFT to the Ukrainian government", he added.

The platform consolidates the list of wallet addresses previously provided by the Ukrainian government using its Twitter account. However, since the Russian invasion of Ukraine, several cryptocurrency companies have also announced that they will donate to Ukraine.

Kraken promised to distribute 1,000 US dollars (IDR 14.3 million) to every user who created an account in the country before March 9. While the Bored Ape Yacht Club said it would match the $1 million (IDR 14.3 billion) donation in ETH.

Cointelegraph reported that as of March 9, various government-run organizations and wallets had received more than $108 million to help Ukraine.

The fund destined for Ukraine comes as Russia faces economic pressure from sanctions imposed by the United States and the European Union. Many private businesses including major banking firms Goldman Sachs, Visa, and Mastercard have all cut ties with the country in the past two weeks.