The world's largest cryptocurrency exchange has just announced that it will donate $10 million, or about R$50 million, to Ukraine. With the increase in cryptocurrency donations, Coin decided to join and make a large donation to the country under attack by Russia after revealing its intentions to join NATO.
According to the exchange's announcement, Cryptocurrency has pledged to donate at least $10 million through the Cryptocurrency Charitable Foundation division to help the humanitarian crisis in Ukraine.
The donation will be allocated to key intergovernmental and non-profit organizations in the region, including UNICEF, UNHCR, UNHCR, iSans and people in need, to help support displaced children and families in Ukraine and its neighboring countries.
Coin helps Ukrainians
The exchange has officially launched the "Ukraine Emergency Relief Fund" to "provide emergency aid" directly through cryptocurrency crowdfunding.
According to Coin official post, $10 million will be donated to top "intergovernmental organizations and local NGOs".
With this, the fund is expected to support local logistics by providing emergency assistance to children and refugees, including fuel, food and direct supplies to refugees, especially businesses currently bordering Ukraine.
The cryptocurrency community has been shocked by the escalation of the conflict over the past four days, which will help feed, fuel, resupply and shelter Ukrainians, including countless members of the Cryptocurrency community, said the founder and CEO of Cryptocurrency.
"We are using all the government resources and channels we have to ask world leaders to end this conflict immediately."
Coin is also working with several local refugee groups that are actively working to expedite safe passage for Ukrainians crossing the border in the two neighboring countries.
Over the weekend, the Ukrainian government called for cryptocurrency donations in a series of social media appeals. On Saturday, Deputy Prime Minister Mykhailo Fedorov posted three addresses for cryptocurrency donations.
The community answered the call, donating nearly $20 million in cryptocurrency in just one day.
More than half or 56.4% were donated by Bitcoin, 31.8% were donated by Ether, while 10.9% were stablecoins and less than 1% came from other cryptocurrencies.
Bitcoin and other cryptocurrencies certainly seem to be attracting more discussion in the future, and their recent use in the Russia-Ukraine conflict has turned a new page in that debate.