CoinGate partners with IBS and Ukraine Central Bank to allow crypto donations
CoinGate, a Lithuania-based crypto payments processor, has partnered with the National Bank of Ukraine (NBU) and the international Business settlement (IBS) to allow crypto assets crypto users to donate to the Ukraine Armed Forces using over 70 different cryptocurrencies.
Through this initiative, other small crypto assets holders will be able to show support to Ukraine without necessarily having to swap their cryptos. This will expand the list of the crypto assets that Ukraine had started accepting as donations.
Ukraine had stated that it already accepted donations in form of Bitcoin (BTC), Polkadot (DOT), Tether (USDT), and Ethereum (ETH).
CoinGate’s co-founder, Dmitrijus Borisenka, gave the reason for this bold support to Ukraine saying:
“Today we see unprecedented aggression towards a civilized European country. An act of aggression, which is disturbing the freedom of Ukraine and its people.”
CoinGate’s Head of Product, Sarunas Matulevicius, on the other hand, added:
“We do what we do best. We have a platform that can process 70+ different cryptos with the ability to convert them into any other crypto or fiat in real-time.”
How it will work
CoinGate will automatically convert all the crypto donations into Euros after which IBS will approve direct payment to the special donation accounts that Ukraine Central bank had set to support Ukraine Armed Forces.
CoinGate’s Digital manager, Matas Kibildis, in an interview said that the firm had already sent a huge amount with even their employees showed individual support towards the initiative in various ways to support Ukraine.
Matas Kibildis also added that the crypto community is always supportive and ready to make donations when a need arises like the Ukraine case. He noted that the company has already received donations using various crypto assets including altcoins like Tron (TRX), XRP, and Bitcoin Cash (BCH) from 85 different donors.
Matas Kibildis said:
“The fact that any person or private company can easily do cross-border decentralized-system donations to countries facing conflicts is truly mesmerizing and one of the big reasons why the community is actively supporting Ukraine.’’