Volodymyr Zelenskyy, the President of Ukraine, announced on Monday that it launched a new fundraising platform named United24, accepting donations in more than 100 cryptocurrencies .
According to the press release, the platform’s website lists supported crypto assets such as Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), the recently launched ApeCoin (APE), as well as some smaller-cap decentralized finance (DeFi) coins such as Hector Finance’s HEC, StreamCoin’s STRM and Enzyme’s MLN.
In addition to the expanded list of supported coins, the new initiative enables donors to choose where to allocate their funds, making it different from Ukraine’s previous fundraising attempts. There are currently three areas for users to choose from: defence and demining, humanitarian and medical care, as well as reconstruction of Ukraine, according to the website.
“Everyone can donate in one click from any country. Anybody may participate: concerned individuals, entrepreneurs, and large technology corporations. 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,” Zelenskyy commented.
Using the new initiative, people from around the world will be able to contribute to different Ukrainian causes, increasing donations for Ukraine. By providing weekly reports on how the funds have been spent, the project aims to enhance efficiency and transparency in the distribution of donations. Furthermore, the Ukrainian National Bank will provide funding reports every 24 hours.
Ukraine and Cryptos in the Midst of the Crisis
As a result of Russia's aggression, the financial system in Ukraine has collapsed, while sanctions on Russia have caused severe economic damage. As a result, cryptocurrency has come to the rescue for Ukraine. Rather than replace the current financial system, it will support humanitarian relief and the recovery effort. The Deputy Minister of Ukraine's Ministry of Digital Transformation, Alex Bornyakov said more than $100 million has been donated in crypto to the country.
