FTX’s CEO, Sam Bankman Fried, has stepped up to assist a crypto contribution project amidst Russia’s invasion of Ukraine.
He revealed modestly that FTX will assist the Ukrainian Ministry of Finance and other communities in collecting cryptocurrency donations for the country. From all across the world, the Ukrainian government has received almost $60 million in cryptocurrency donations.
FTX comes to Ukraine’s aid.
The war in Ukraine has been going on for a long time, according to FTX’s CEO, Sam Bankman Fried. The country urgently requires humanitarian assistance as well as access to global financial infrastructure. During this type of situation, he also brought up sanctions and crypto. He stated that crypto exchanges should take the government’s sanctions very seriously.
FTX has stressed across all of its regulatory and policy efforts, active coordination and communication with regulators and policymakers is crucial to ensuring that laws and rules achieve their intended outcome, reads a letter by FTX
Sam Bankman, emphasizing the importance of helping the country, stated that the FTX team is honored to assist the Ukrainian Ministry of Finance in streamlining the donation process.
In such a case, Everstake, a decentralized staking provider, expressed gratitude to FTX. It further stated that FTX is the only platform that has offered assistance.
What role will FTX play in Ukraine?
FTX will contribute to the ‘Aid for Ukraine’ project, which will be the first of its type. The initiative will focus on 1) receiving crypto donations and 2) directly off-ramping them in fiat currency into the Ukrainian central bank by forming a Decentralized Autonomous Organization (DAO).
Earlier, FTX’s CEO emphasized the rise of the cryptocurrency ecosystem in Ukraine, as well as how fiat currencies have become more affordable as a result of Russia’s invasion.
The confrontation between the two countries, on the other hand, has shaken the world’s humanity and economy. A group of nations has announced sanctions in order to put pressure on Russia’s government. Meanwhile, this has resulted in widespread use and reliance on cryptocurrency.
