FTX and Ukrainian ministry launch crypto donation website

So far, the crypto community has donated more than $80m (£61m) to Ukraine

 Bitcoins on Russian and Ukrainian flags                                 
Crypto donations have been flooding into Ukraine since 24 February – Photo: Alamy
                                

Ukraine’s Ministry of Digital Transformation, crypto derivatives exchange FTX, and Everstake, the biggest decentralised staking provider in the industry, have come together to launch the website Aid For Ukraine, which seeks to raise funds from the crypto community for Ukraine’s military and humanitarian needs following the Russian invasion.

This marks the first time a crypto exchange has acted as a conduit for crypto donations to a public financial institution.

The new website means users from around the world are provided with a “simple” way to make crypto donations to Ukraine. The fundraising process is also traceable in real-time on the website. This gives the crypto community a chance to actively help protect Ukrainians “from the unprovoked aggression by the Russian Federation”.

Aid For Ukraine accepts 10 cryptos

The Aid For Ukraine website currently accepts donations in the form of bitcoin (BTC), ether (ETH), tether (USDT), polkadot (DOT), solana (SOL), dogecoin (DOGE), monero (XMR), icon (ICX), EOS and NEO. The charitable website will add further cryptos that can be offered as donations over time.  

FTX will convert all crypto funds received into fiat currencies and send the donations to the National Bank of Ukraine. Earlier in March, FTX already converted $1m (£0.76m) worth of SOL and sent it to the National Bank of Ukraine.

Thus far, the crypto community has donated more than $80m (£61m) to Ukraine, with over $50m (£38m) going straight to Ukraine's Ministry of Digital Transformation.

“Crypto is playing a significant role”

Sam Bankman-Fried, founder and CEO of FTX, said: “At the onset of the conflict in Ukraine, FTX felt the need to help in any way it could. By working with the Ministry of Digital Transformation to set up payment rails and facilitate the conversion of crypto donations into fiat currency, we have given the National Bank of Ukraine the ability to deliver aid and resources to the people who need it most.

“We are grateful for the opportunity to work with the Everstake team as they continue to work tirelessly in helping Ukrainians as they suffer from this conflict.”

Oleksandr Bornyakov, Ukraine’s deputy minister for digital transformation and IT industry development, said: “Today, crypto is playing a significant role in Ukraine’s defence. Crypto assets proved extremely helpful in facilitation of funding flows to Ukrainian citizens and soldiers, as well as in raising awareness and engaging people worldwide.

“The amount of crypto crowdfunding for our country is already the biggest in history so far. We expect that the non-fungible token (NFT) collection will give the next boost to the crypto fundraising process. Huge thanks to the crypto community for this unprecedented support of Ukraine and its defence of the principles of democracy and freedom in face of the war waged by the Russian Federation,” said Bornyakov.

Sergey Vasilchuk, CEO of 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.”

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