On the "Aid for Ukraine" website, users can currently offer donations in 10 cryptocurrencies, including Bitcoin, Ether, Tether, and Dogecoin.
Exchange platform FTX to convert the donated funds into dollars
Photo Credit: Pexels/ Rodnae Productions
The Ukrainian government launched a website in partnership with crypto-firms FTX and Everstake that will funnel donations to Ukraine's central bank as it combats a devastating invasion by Russia.
On the "Aid for Ukraine" website, users can currently offer donations in 10 cryptocurrencies, including Bitcoin, ether, and dogecoin. Bitcoin price in India as of March 15 at 6:42pm IST stood at Rs. 30.78 lakh.
"Cryptocurrencies play a significant role in Ukraine's defense," Oleksandre Borniakov, Ukraine's deputy minister of Digital Transformation, said in a statement.
"Cryptocurrency assets have proven to be extremely valuable in facilitating the flow of funding to Ukrainian citizens and soldiers and in raising awareness and interest among the global public," he added.
The crypto firm Everstake, one of the largest in Ukraine, will allow users be able to make donations in other cryptocurrencies than those listed on the site.
The site also plans to add the ability to donate non-fungible tokens (NFTs) in the future.
Bahamas-based exchange platform FTX, founded by US billionaire Sam Bankman-Fried, will convert the donated funds into dollars and route them to the National Bank of Ukraine.
The Ukrainian cryptocurrency exchange platform Kuna is also part of the initiative.
On the "Aid for Ukraine" site, a tracker showed that by 0230 GMT Tuesday, almost $49 million (roughly Rs. 374 crore) had been raised out of a goal of $200 million (roughly Rs. 1,527 crore).
The money will be used to support the Ukrainian military as well as civilians "in dire need of humanitarian assistance," the partnership said in the statement.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
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