The Lithuania-based crypto payments processor CoinGate has teamed up with the National Bank of Ukraine (NBU) – the country’s central bank – and the international payments firm International Business Settlement (IBS) to allow crypto users to donate money to Ukraine’s Armed Forces using more than 70 cryptoassets.
The newly launched initiative means that holders of cryptoassets other than bitcoin (BTC), ethereum (ETH), tether (USDT), and polkadot (DOT), which are already accepted directly by the government, can now also show their support to Ukraine without selling their crypto.
Speaking on the reason the company chose to enable donations to Ukraine, CoinGate’s co-founder, Dmitrijus Borisenka said,
“Today we see unprecedented aggression towards a civilized European country. An act of aggression, which is disturbing the freedom of Ukraine and its people.”
CoinGate’s Head of Product, Sarunas Matulevicius, added:
“We do what we do best. We have a platform that is able to process 70+ different cryptos with the ability to convert them into any other crypto or fiat in real time.”
According to the firm, all crypto donations will be automatically converted into euros, with the IBS responsible for approving and sending payments directly to the special donation accounts that have been set up by the Ukrainian central bank.
As stated on the central bank’s website, all donations will be used to support Ukraine’s Armed Forces.
CoinGate’s Digital Marketing Manager Matas Kibildis told Cryptonews.com that the company has already donated “a significant amount” in support of Ukraine, with individual employees also taking part in various initiatives on their own.
He added that the crypto community has always been interested and supportive when it comes to making donations for various causes.
“The fact that any person or private company can easily do cross-border decentralized-system donations to countries facing conflicts is truly mesmerizing and one of the big reasons why the community is actively supporting Ukraine,” CoinGate’s Digital Marketing Manager said.
Cryptonews.com has contacted the National Bank of Ukraine for a comment.