Amid the Russian invasion of Ukraine, FTX CEO Sam Bankman Fried has stepped forward to aid a crypto donation project. He humbly announced that FTX will support the Ukrainian Ministry of Finance and other communities in raising crypto donations for the country. The Ukrainian government has received more than $60 million in crypto donations from around the world.
FTX comes to support Ukraine
FTX’s CEO, Sam Bankman Fried, emphasized that the war in Ukraine is dragging on. The country urgently needs humanitarian aid and access to global financial infrastructure. He also drew attention to sanctions and cryptocurrencies in these kinds of situations. He indicated that crypto exchanges should seriously enforce the sanctions announced by the government.
FTX has emphasized in all its regulatory and policy efforts that active coordination and communication with regulators and policymakers is critical to ensuring that laws and regulations achieve their intended outcome, reads a letter from FTX
Pointing to the urgency to help the nation, Sam Bankman announced that the FTX team is honored to support Ukraine’s Ministry of Finance in simplifying the donation process.
— SBF (@SBF_FTX) March 8, 2022
Everstake, a decentralized strike provider, expressed its gratitude to FTX in situations like this. It also mentioned that FTX is the only platform that has come forward to help them.
How will FTX help Ukraine?
FTX will lend its support in the first project of its kind to the ‘Aid for Ukraine’ project. By establishing a Decentralized Autonomous Organization (DAO), the project will focus on 1) accepting crypto donations and 2) transferring them directly in fiat currency to the Ukrainian central bank.
Previously, the CEO of FTX has highlighted the growth of the cryptocurrency ecosystem in Ukraine and also mentioned how fiat currencies have fallen after the Russian invasion.
However, the conflict between the two countries has shocked humanity and the economy of the world. To put pressure on the Russian government, a union of nations has announced some sanctions. Meanwhile, this has also led to rapid adoption and reliance on cryptocurrency.
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About the author
Ashish believes in decentralization and has a keen interest in evolving Blockchain technology, the cryptocurrency ecosystem and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analyses. When he’s not writing, he plays video games, watches a thriller, or works out outside. Reach me at [email protected]
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