This is the first case when a crypto exchange is offering help to a public financial institution.
Companies across the world have been coming forward to offer humanitarian to the war-torn nation of Ukraine following Russia’s invasion. Crypto exchange FTX has now partnered with decentralized staking provider Everstake for launching a crypto fundraising site “Aid for Ukraine”.
Ukraine’s Ministry of Digital Transformation made this announcement on Monday, March 14. This is the first of its case wherein a crypto exchange is offering help to a public financial institution. As per the announcement, users can donate in BTC, ETH, USDT, DOT, SOL, DOGE, XMR, ICON, EOS, and NEO, on the “Aid for Ukraine” website.
Users from across the world will be able to donate to this website offered by Everstake and FTX. Furthermore, the fundraising process will be completely transparent and traceable in real-time. The overall form of donations shall appear in the US Dollar.
Since Russia invaded Ukraine on February 24, the war-torn country has witnessed major crypto inflows in form of donations. As per data from Elliptic, the Ukrainian government has received more than $60 million in crypto donations.
Overall, more than $93 million have gone to Ukrainian entities including government and non-government, since the start of this war. Data shows a majority of the donations coming in Ethereum (ETH).
Plans Going Ahead
Everstake is one of the biggest decentralized staking providers in the crypto industry. Thus, its presence will make it possible to add more cryptocurrencies to the initiative.
Besides, Everstake officials are in direct contact with community representatives willing to help Ukraine. Speaking on this matter, Sergey Vasilchuk, CEO at Everstake said:
“Freedom has always been at the bedrock of the crypto community. It is the same fundamental value that Ukraine is currently fighting for, and the crypto community expressed its strong desire to help Ukraine right after the onset of this abysmal war. As a part of this great community and as a Ukraine-based company we feel an obligation to help in whatever way we can. That is how and why Aid For Ukraine came to be”.
Here FTX will serve as a medium of exchanging the crypto funds to fiat. It will further forward these donations to the National Bank of Ukraine. Crypto exchange FTX has been itself involved in donations. The company donated $1 million in SOL and transferred it to the National Bank of Ukraine.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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