CoinGate, a crypto payments processor based in Lithuania, has partnered 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 crypto assets.
Holders of crypto assets other than bitcoin (BTC), Ethereum (ETH), tether (USDT), and Polkadot (DOT), which are already directly acknowledged by the government, can now demonstrate their support for Ukraine without having to sell their crypto.
According to the company, all crypto donations will be immediately translated into euros, with the IBS in charge of approving and delivering funds directly to the Ukrainian central bank’s specific donation accounts. All donations will be utilized to support Ukraine’s Armed Forces, according to the central bank’s website.
Matas Kibildis, the business’s Digital Marketing Manager, told Cryptonews.com that the company has already donated “a large sum” to Ukraine, with individual employees participating in various efforts on their own. He went on to say that the crypto community has always been interested in and supportive of charitable donations for a variety of purposes. Kibildis noted that the organization has already received donations in a variety of crypto assets, including lesser altcoins like Bitcoin cash (BCH), Tron (TRX), and XRP, from 85 distinct donors.
Sarunas Matulevicius, CoinGate’s Head of Product, said that they do what they do best. They offer a platform that can handle more than 70 distinct cryptos and convert them into any other crypto or fiat currency in real-time. Dmitrijus Borisenka, a co-founder of CoinGate, explained why the firm decided to allow donations to Ukraine. “Today we see unprecedented aggression towards a civilized European country. An act of aggression, which is disturbing the freedom of Ukraine and its people.”
