Are you among those crypto traders that usually buy Ethereum or its equivalent for resale? You might as well know that some people out there need a little of those cryptocurrency assets of yours. The war in Ukraine has generated a lot of controversies since it started. The Ukrainian government cannot afford to sponsor the war independently of all indications.
The financial burden of the war has already begun taking a toll on them, so they have turned to the rest of the world for support. But unlike the usual fiat, the country has gone crypto, letting friends of Ukraine all over the world lend financial support for the survival and defense of Ukraine. So, when you are getting ready to buy Ethereum, especially during the deep, remember that some countries in Europe need some of it for their survival.
The Ukrainian President, Volodymyr Zelensky, in a bid to raise these funds faster, has created a crowdfunding cryptocurrency platform to receive these funds. The platform is said to have over 100 cryptocurrencies on it, so whether you choose to buy Ethereum to donate to the country or not, the good news remains that you have over 100 choices to choose from. According to the Ukrainian government, these funds are meant to rebuild the country once the war is over. This was made known in a video recording uploaded on Twitter on the 5th of May; the president said in English that all the crypto funds raised in this project would be transferred to the Ukrainian central bank. From there, funds are then distributed to the appropriate ministries.
Break Down of The Crowdfunding Process
The president has tagged the crowdfunding process “United24,” and as we have earlier stated, it is meant to be received in over 100 different cryptocurrencies. Some cryptocurrencies available on the platform include Ethereum, Bitcoin, Apecoin (new in the industry), and Binance. There are also ones with smaller Defi coins that were also listed. Among the listed Defi include Hector Finance, Enzyme, and StreamCoin.
The idea to use the crypto method of crowdfunding gives each donor a chance to choose which of the coins they would want to donate. Even if you don’t have a particular currency, you can always donate with your regular fiat. Let’s explain it like this, assuming you want to donate Ethereum to the United24 platform, all you need to do is buy Ethereum with your fiat and send it to the crowdfunding platform (United24).
Aside from allowing the donors to buy Ethereum and choose their preferred coin for donation, United24 also allows donors to choose where they should go. While you choose the type of crypto you want to donate with, you can also select which sector you want it to give to. But at the moment, interested users can only donate in sectors like medical, defense, and reconstruction when on the United24 website. The project also plans to encourage transparency and efficiency in distributing the funds from the donation. They also plan on releasing updates about the progress every week. This update will list in detail how the funds are spent. On the other hand, the central bank of Ukraine is expected to be giving a daily update about how much funds are gotten from the fundraising.
Ukrainian President Encourages Donors
While speaking about the newly developed platform, Zelensky urged everyone to donate to the project. He specifically called on tech corporations, business people, governments, and the public to take an interest in the project. According to reports, most of the donations are going into rehabilitating displaced Ukrainians. However, some donors have problems with giving out their crypto assets for military operations. This exercise has also led to an increasing number of people who buy Ethereum to participate in the United24 project.
The Ukrainian government has also said that funds will be sent to the government accounts in the National Bank. They will be disbursed to relevant ministries, e.g., the Ministry of Healthcare, Infrastructure, etc. Some western businesses have been contracted for this task. Deloitte: a top United State base’s accounting firm, has been invited to monitor the activities of the whole exercise every quarter while it lasts. So, if you are looking to buy Ethereum any time soon, keep in mind that some displaced women and children out there need your help.