International Business Settlement and Coingate, a cryptocurrency payment processor, have made an agreement with Ukraine’s National Bank of Ukraine (NBU). This arrangement allows well-wishers send money to Ukraine using more than 70 crypto assets.
Increased Acceptance of Crypto Donations
Lithuania-based crypto payment processor Coingate recently said it has begun an arrangement with the Ukrainian central bank that has seen the number of crypto assets well-wishers can donate to the country’s armed forces rise from just four to more than 70.
This widening of the list of accepted crypto assets comes just a few days after the Ukrainian government acceded to Polkadot creator Gavin Wood’s pleas to have DOT added to the list of cryptos accepted for donations. Bitcoin.com News reported that Wood gave DOT coins in excess of $5 million shortly after the Ukrainian government pledged to accept polkadot donations.
Consequently, the Ukrainian government’s decision to accept DOT and three other cryptocurrencies prompted more players in the crypto space, including Tron founder Justin SunTo make a similar plea to the Ukrainian government.
Real-time Conversion from Crypto to Fiat
In his remarks following the announcement, Coingate’s co-founder, Dmitrijus Borisenka denounced the conflict which he says “is disturbing the freedom of Ukraine and its people.” The crypto payment processor’s head of product, Sarunas Matulevicius, said:
“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.”
Matas Kibildis from Coingate is also quoted in the report, explaining why cryptocurrencies are now so important. He explained:
It’s amazing to see that any individual or company can cross-border donate decentralized system funds to conflict-affected countries. That is why so many people are supporting Ukraine.
A report from a cryptocurrency news site reveals that International Business Settlement, an international payment firm, is also a party to this arrangement. The report states that all cryptocurrency donations will be converted to euros, and IBS will approve and send the funds to designated donation accounts set up by central banks.
You can support Ukrainian families, children, refugees, and displaced people by donating BTC, ETH, and BNB to Binance Charity’s Ukraine Emergency Relief Fund.
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