Ukraine Launches Crypto Fundraising Site With FTX as Donations Slow Down

cryptonews.com:

Ukraine's Ministry of Digital Transformation, in cooperation with major crypto exchange FTX and staking platform Everstake, has launched a crypto fundraising site to provide interested users with a convenient portal for donating to Ukrainian causes.

Aid For Ukraine, described as the country's official website for crypto donations, accepts contributions in nine different cryptoassets: bitcoin (BTC), ethereum (ETH), polkadot (DOT), solana (SOL), dogecoin (DOGE), monero (XMR), ICON (ICX), NEO N3 (NEO), and stablecoin tether (USDT). The website aims to add support for more cryptoassets over time. It supports fiat as well. 

According to Solana co-founder Anatoly Yakovenko, this platform shows how the global crypto community and the traditional financial system can work together, explaining that:

"Crypto donations to the DAO [decentralized autonomous organization] are stored and governed on-chain, then transferred to FTX, a centralized exchange, to be sold for fiat USD sent via SWIFT to the Ukrainian government."

Per the website, "the community has already raised" USD 48.1m out of the USD 200m goal. 

Among the statements on the site, the founder of ICON Min Kim stated that the "ICON Foundation is joining global community efforts by pledging [USD] 1M towards aid and relief for the Ukrainian people."

"I hope that our technology and community can make a small contribution in this time of need," Kim said.

Funds raised via the initiative will benefit Ukraine's military and humanitarian needs, according to the official press release.

Ukraine's deputy minister of digital transformation Alex Bornyakov had previously noted that a significant portion of crypto donations was used to fund military needs and was used to purchase rations,