Crypto payment processor Coingate and International Business Settlement (IBS) have started an arrangement with the National Bank of Ukraine (NBU) that enables well-wishers to send donations to Ukraine via more than 70 different crypto assets.
Calls to expand list of accepted crypto donations
Lithuania-based crypto payment processor Coingate recently said it reached a deal with Ukraine’s central bank that saw the number of crypto assets sympathizers can donate to the country’s armed forces increase from 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. As reported by Bitcoin.com News, shortly after the Ukrainian government said it would accept polkadot donations, Wood immediately honored his pledge and donated DOT coins worth over $5 million.
Therefore, the Ukrainian government’s decision to accept DOT and three other cryptocurrencies has prompted more players in the crypto space, including the founder of Tron Justin Sunto plead in the same way with 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 capable of processing over 70 different cryptos with the ability to convert them to any other crypto or fiat in real time.
Another Coingate executive, Matas Kibildis, is quoted in a report explaining how cryptocurrencies have now demonstrated their importance. He said:
The fact that any private individual or company can easily make cross-border donations from the decentralized system to countries facing conflict is truly fascinating and one of the main reasons why the community actively supports Ukraine.
Meanwhile, a report by a cryptocurrency news platform reveals that the international payments firm International Business Settlement (IBS), is also party to the arrangement. According to the report, all crypto donations will be converted into euros and IBS is tasked with approving and sending the payments to special donation accounts that have been set up by the central bank.
