Ukraine’s New Fundraising Platform Accepts Crypto, Allows Donors to Allocate Funds

United24, a new fundraising platform announced recently by Ukrainian President Volodymyr Zelenskyy, accepts a number of cryptocurrencies, alongside traditional payment methods. The initiative also permits donors to choose how their money will be spent.

Kyiv Launches New Platform for Donations Amid Ongoing War With Russia

Ukraine, which has been increasingly relying on foreign donations to support its defense efforts and overcome humanitarian challenges following Russia’s invasion, now offers those who want to help an integrated platform that streamlines the process and allocates financial support in accordance with the donor’s will.

According to its website, United24 was launched by President Volodymyr Zelenskyy as the main venue for collecting charitable donations to support Ukraine. The Ukrainian head of state announced the global initiative last week, with his administration pointing out that the goal is to unite people from all over the world in their desire to help the country.

United24 aims to increase the volume of donations for the Eastern European nation while ensuring the efficiency and transparency of their distribution, a press release emphasized. The project allows everyone to join efforts to support Ukraine and provide real assistance to Ukrainian citizens who suffer from the war, Zelenskyy pointed out and elaborated:

Everyone can make a one-click donation from any country. Individual, conscious citizens, entrepreneurs and large technology corporations.

An array of payment methods is available to the donors. These include traditional means such as bank wire, credit card, and Paypal. Members of the crypto community can send funds by way of a number of coins — from BTC and BCH, to USDT and DOGE — through Whitepay, a provider of a point-of-sale (POS) solution for cryptocurrency payments.

Ukraine has already received millions of dollars in crypto donations, and in March the Ukrainian government launched a website called ‘Aid For Ukraine’ for those who want to send digital currencies. It was announced after media reports revealed that ‘Help Ukraine’ crypto scams are on the rise.

The financial assistance will be distributed across three main areas: defense and demining, humanitarian and medical assistance, and reconstruction of Ukraine. People and organizations who wish to send money are prompted to choose one of these options as soon as they click the ‘Make a donation’ button.

Collected funds will be deposited to accounts at the National Bank of Ukraine assigned to the Ministry of Defense, Ministry of Healthcare, and the Ministry of Infrastructure, which will use the money to cover the most pressing needs. They will report on the distribution of the donations every week.

Deputy Prime Minister and Minister of Digital Transformation Mykhailo Fedorov has been tasked to oversee the initiative. Consulting and auditing company Deloitte Ukraine, part of the Deloitte international network, will check the reports filed by the ministries on a quarterly basis.

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What do you think about Ukraine’s new fundraising initiative? Share your thoughts on the subject in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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