The CoinGate, a Lithuania-based crypto payment processor, has teamed up to the National Bank of Ukraine(NBU), the country’s central banking institution, and the international payments firm International Business Settlement to enable crypto users to make donations to the Armed Forces of Ukraine using more than 70 cryptocurrencyassets.
This initiative allows holders of cryptoassets other that bitcoin (BTC), Ethereum (ETH), Tether (USDT) and polkadot(DOT) to show support for Ukraine without having to sell their crypto.
Dmitrijus Borisenka, CoinGate co-founder, spoke out about the reasons the company allowed donations to Ukraine.
“Today, we witness unprecedented aggression against a civilized European nation.” A terrorist act that is threatening the freedom and security of Ukraine’s people.
Sarunas Matulevicius (CoinGate’s Head Product) added:
“We do what is best. Our platform is capable of processing 70+ cryptos and can convert them into any fiat or crypto in real-time.
According to the firm all crypto donations will automatically convert into euros. The IBS is responsible for authorizing and sending payments to the special donor accounts, which have been established by the Ukrainian central banking.
According to the website of the central bank, all donations will go towards supporting Ukraine’s Armed Forces.
Matas Kibildis, Digital Marketing Manager at CoinGate, told Cryptonews.com the company had already donated “a substantial amount” to Ukraine. Individual employees have also taken part in different initiatives.
He said that the crypto community is always interested in making donations to various causes and has been supportive.
Kibildis stated that the company has received donations from 85 donors in a variety of cryptoassets.
“The fact that anyone or any private company can make cross-border decentralized system donations to countries in conflict is truly amazing and one of the major reasons why the community actively supports Ukraine,” CoinGate’s digital marketing manager said.