Amid the Russian invasion of Ukraine, the CEO of FTX, Sam Bankman Fried has come forward to help a crypto donation project. He humbly announced that FTX will be supporting the Ukrainian Ministry of Finance and other communities in collecting crypto donations for the country. The Ukrainian government has received over $60 million in crypto donations from all over the world.
FTX comes in support of Ukraine
FTX’s CEO, Sam Bankman Fried highlighted that the war in Ukraine has been dragging on. The country is in full need of humanitarian help and access to global financial infrastructure. He also called attention to sanctions and crypto during this kind of situation. He indicated that crypto exchanges should enforce sanctions announced by the government seriously.
FTX has stressed across all of its regulatory and policy efforts, active coordination and communication with regulators and policymakers is crucial to ensuring that laws and rules achieve their intended outcome, reads a letter by FTX
Pointing out the urgency to help the nation Sam Bankman announced that the FTX team is honored to support the Ukrainian Ministry of Finance in simplifying the donation process.
Incredibly excited and humbled to be working with the Ukrainian Ministry of Finance (@mintsyfra), @everstake_pool, and others to support crypto donations to Ukraine.https://t.co/hMcu2ucOvD
— SBF (@SBF_FTX) March 8, 2022
Everstake, a decentralized staking provider, expressed their gratitude towards FTX in this kind of situation. It also mentioned that FTX is the only platform that has come forward to help them.
How will FTX help Ukraine?
FTX will lend its support in the first project of its kind to the ‘Aid for Ukraine’ project. By setting up a Decentralized Autonomous Organization (DAO) the project will focus on 1) accepting crypto donations, and 2) directly offramp them in fiat currency into the Ukrainian central bank.
Earlier, the CEO of FTX has highlighted the growth of the cryptocurrency ecosystem in Ukraine and also mentioned how fiat currencies have cheapened following the Russian invasion.
However, the conflict between the two countries has shaken the world’s humanity and economy. To pressurise the Russian Government, a union of nations has announced some sanctions. Meanwhile, this has also led to rapid adoption and dependency on cryptocurrency.
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