Ukraine's New Fundraising Platform Supports Over 100 Cryptos

Volodymyr Zelenskyy. Source: a video screenshot, 60 Minutes / YouTube


Ukraine's President Volodymyr Zelenskyy has launched a new fundraising platform, dubbed United24, which accepts donations in more than 100 different cryptoassets.

The list of supported cryptoassets ranges from popular cryptos like bitcoin (BTC), ethereum (ETH), binance coin (BNB), to recently launched apecoin (APE) and some smaller cap decentralized finance (DeFi) coins like Hector Finance's HEC, StreamCoin's STRM, and Enzyme's MLN, according to the platform's website.

Besides the extended list of supported coins, another feature that makes this new initiative different from Ukraine's previous fundraising attempts is that it enables donors to choose where they want their funds to be spent.

As of now, interested users can choose among three areas: defense and demining, humanitarian and medical care, and reconstruction of Ukraine, as it stands on the website.

This is notable as previously some crypto donors expressed discontent about their "hard-earned" crypto being used to fund the military. "Money could've been well spent on displaced Ukrainians instead of paying arms dealers," one user said.

According to a press release shared with Cryptonews.com, the new initiative aims to increase donations for Ukraine by enabling people from all around the world to donate to different Ukrainian causes.

The project also aims to enhance the efficiency and transparency of the distribution of donations by releasing weekly updates, detailing how the funds were spent. Moreover, the central National Bank of Ukraine would provide fundraising reports every 24 hours.

"Everyone can donate in one click from any country. Anybody may participate: concerned individuals, entrepreneurs, and large technology corporations," President Zelenskyy said, adding:

"We fight with the enemy every day for the values of freedom and democracy. United24 is to become a digital service that will unite the entire civilized world in supporting Ukraine."

The report detailed that funds will be initially transferred to the accounts of the National Bank, and then will be distributed among the relevant ministries, which include the Ministry of Defenсe, the Ministry of Healthcare, and the Ministry of Infrastructure.

Meanwhile, Deloitte, one of the USA's "Big Four" accounting firms, will also join the United24 platform to monitor the general report by the ministries quarterly.

Following the Russian attack, a number of Ukrainian organizations and NGOs started fundraising campaigns, with some exclusively accepting donations in crypto.

In mid-March, the Ukraine government, in cooperation with major crypto exchange FTX and staking platform Everstake, launched the crypto fundraising site Aid For Ukraine to enable users to donate in various cryptoassets.

As per the latest update on the Ministry of Digital Transformation's website, the country has raised more than USD 60m in crypto donations.

Alex Bornyakov, deputy minister of Digital Transformation of Ukraine, has previously said that a large portion of crypto donations has been spent on military supplies, including bulletproof vests, bandages, and night-vision devices for the army.

____

Learn more: 
- Ukraine Doubles Down on Crypto-Friendly Regulation Efforts, Aims for Top Spot
- Financial Stability Board, IMF Warn of ‘Cryptoization’ Risks in Wake of Russia-Ukraine War

- Crypto-Powered Ukrainian Charity Launches Debit Card for War Victims
- Finland Set to Donate Bitcoin Seized from Criminals to Ukraine – Report

- Binance Bans These Kremlin-Linked Users as Russia Keeps Killing Ukrainians and Sanctions Mount
- Elon Musk NFT First to Enter Ukrainian Hall of Fame and You Can't Buy It