As Putin’s war rages in Ukraine for over three months, a Ukraine-based blockchain company is calling on investors. Executives at Everstake claim crypto is the most efficient way to support the country in this time of need, as it is free from red tape barriers, compared with fiat donations. To date, Aid for Ukraine, a project promoting crypto donations for the purpose of supporting the country, has raised over $60 million on crypto (including 471.4 BTC, 9567.4 ETH, 435631.5 DOT, 1919905 USDT}.
But the organisation claims that it is not enough, since over $45million is already been spent by the government on first aid kits, ration packs, bulletproof vests, and other items.
The appeal echoes the country’s Vice Prime Minister Mykhailo Fedorov who sought to rally crypto investors this week at the World Economic Forum in Davos.
In an attempt to communicate the message, Mr Fedorov was featured in a rap song created by the creative agency Bickerstaff, in collaboration with Everstake.
Duringthe song, Mr Fedorov can be heard urging the crypto community to keep donating to the charitable organization Aid For Ukraine, which accepts donations in 16 cryptocurrencies.
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Cryptocurrencies have fallen sharply in recent weeks but, despite the volatility, crypto assets still appeal to Ukrainians seeking to raise funds.
Sergey Vasylchuk, CEO of Everstake and Co-founder of Aid for Ukraine, stressed the importance of assistance through cryptocurrencies.
He told Express.co.uk: “Fiat donations as well as relief from official sources are clad with red tape.
“Sometimes it took over a month to send funds to Ukraine.
“Crypto, on the other hand, allows funds to come in a matter of seconds or minutes, not months.
“In times of warfare, time is an even more valuable asset than usual, and funds that come fast can be used to procure, say, bulletproof vests or first-aid kits.”
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Stressing how helpful crypto donations is for Ukraine at the moment, he added: “Just think about it.
“If the money took a month to arrive, someone’s life that would have otherwise been spared thanks to a bulletproof vest, would be lost forever.
“That is why crypto is indeed the most efficient way to donate to Ukraine.”
Ukrainians have built several lifesaving projects based on the blockchain industry.
Major cryptocurrency exchanges launched initiatives to help refugees, such as Binance or financially supported their Ukrainian customers, with projects such as Kraken.
Other groups, such as Everstake, in collaboration with the Ukrainian government have kicked off fundraisers to help volunteers and military.