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The cryptocurrency community has been pouring in donations to Ukraine to aid with the Russian invasion. Support has been given in the form of Bitcoin and other cryptocurrencies.
Polkadot founder donates $5.8M
The official Twitter channel of the Ukraine government has been actively mobilizing the cryptocurrency community to support the country through donations. More than $36 million worth of cryptocurrencies has already been donated.
Initially, the donations were exclusive to Bitcoin, Ethereum and tether (USDT). However, the country is now diversifying towards altcoins, having posted a DOT wallet address that can be used by those that want to donate to the cause. The Ukrainian government is also calling upon major exchanges to freeze the accounts of Russian and Belarusian users.
The founder of Polkadot, Gavin Woods, has donated 298,367 DOT tokens to the Ukrainian government. Woods had promised a donation of $5 million to Ukraine; hence he has fulfilled this promise, with the DOT tokens donated amounting to around $5.8 million.
Ukraine has responded to Woods’ donation saying,
This contribution marked the single largest donations from both an individual and an organization.
Other crypto firms are also pouring in their donations towards the sector. Binance has announced that it will donate $10 million towards on-ground support and provide aid. Binance Charity is the charity organization for the Binance cryptocurrency exchange.
The CEO of FTX announced that every Ukrainian user on the exchange would receive a free $25. Coingate, a payment processing company, has also opened a feature that supports direct donations to Ukraine and its military. It has also stated that donations could also be made using Litecoin (LTC).
The price of Polkadot has been making major gains this week due to recovery across the cryptocurrency market. During the past 24 hours, the price of DOT has increased by around 2% to reach around $18.93. For some time, the token has been attempting to break past the resistance at $20, but it has failed to do so. Nevertheless, it is fast gaining the levels of support needed.
Polkadot has been greatly hit by the recession across the cryptocurrency market, with its current prices being 65.7% below the all-time high of $54.98 created in November last year when the cryptocurrency bull market was in full effect.
Crypto community weighs in on the Russia-Ukraine invasion
The cryptocurrency community has been actively involved in the events happening in Ukraine through cryptocurrency donations. However, the community has maintained that it remains neutral and is not taking any sides.
Last Saturday, the vice prime minister of Ukraine, Mykhailo Fedorov, asked all major exchanges to freeze the accounts of users based in Russia and Belarus. However, this request has been denied by some of the largest exchanges such as Binance, Coinbase and Kraken.
The exchanges have stated that a blanket and unilateral ban for all Russian and Belarusian users was against why cryptocurrencies existed. The CEO of Kraken, Jesse Powell, has also stated that a unilateral ban would not happen unless there was a legal requirement to do so.
However, some Binance users based in Russia have complained that the exchange is rejecting some local bank cards. Some of the cards that have been rejected include Sberbank, one of the largest banks in Russia. This bank has been targeted by the Western sanctions against Russia. The cards of banks such as Tinkoff that have not been sanctioned are still working on Binance.