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HomeLaw & PoliticsUkraine teams up with FTX and Everstake for cryptocurrency donations

Ukraine teams up with FTX and Everstake for cryptocurrency donations

On March 14, the Ukrainian government launched a new website that accepts donations in cryptocurrency. This makes it easier for the government to convert bitcoin into ammunition, bandages, and other military supplies.

Everstake’s Head of Growth, Vlad Likhuta, said that “Aid for Ukraine,” which has the backing of FTX, staking platform Everstake, and Ukraine’s Kuna exchange, will route donated crypto to the National Bank of Ukraine.

According to the website, the country’s combined efforts have already raised $48 million in bitcoin, polkadot, ether, solana, tether, and other cryptocurrencies. Other estimates put the figure closer to $100 million, although totals vary depending on market swings and which websites are included.

The website deepens an unprecedented alliance between public and private sector crypto forces. According to a press release, exchange powerhouse FTX is turning contributions into fiat for deposit at the National Bank of Ukraine. This was referred to as a “first” relationship. 

The presence of Everstake allows the website to accept additional coins.

According to the website, the central bank is utilising contributions to assist “humanitarian relief projects” as well as the Armed Forces of Ukraine. “The people will fight for freedom again, but they need additional weapons and needs,” the website said.

“Crypto assets were highly beneficial in facilitating financing flows to Ukrainian residents and troops, as well as increasing awareness and engaging people across the globe,” said Oleksandr Bornyakov, a digital ministry official, in a statement. He mentioned that an impending NFT collection “would give the crypto fundraising process the next boost.”

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Jeewan Singh
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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