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Since the war between Russia and Ukraine started, people and organizations had sent aid to Ukraine in which crypto and NFTs were of great help.
The Russia-Ukraine conflict turned into a full-fledged war when Russia invaded Ukraine on February 24th, it’s been more than twenty days, and the war continues. A huge portion thinks Russia as the culprit to initiate the war. Accordingly, actions against the country have been taken since then, providing the necessary aid to Ukraine and war-affected people.
Sanctions from numerous western and European countries stopping or minimizing the operations of many numerous giant companies in Russia are some significant incidents that went against the country. Cryptocurrencies and NFTs turned out as one of the major help to bring the funds to Ukraine other than shutting down operations of crypto exchange and trading firms in Russia.
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Now leading cryptocurrency exchange firm Kraken also joined the march and announced that it would give $1000 worth of bitcoin to those Ukrainian citizens who opened accounts on the platform before March 10th. In addition, the platform also allowed those citizens to withdraw cryptocurrency instantly, and the Kraken Fee Credit worth $1000 will also be disbursed to make sure customers can easily make the conversion at no cost.
The estimated value of aid capital to send to Ukraine by Kraken is more than $10 million. CEO of Kraken, Jesse Powell, said that the firm could compensate for the previous refusal of Russian users on the platform. He said that the firm hopes to continue to be able to avail necessary financial services in this time when there is a need of both the Russian and Ukrainian clients. Crypto has been an important humanitarian tool. It became crucial when many people worldwide were unable to rely on traditional financial institutions, banks, and custodians.
Kraken explained the donation of $10 million equals the total trading fees that Russian clients paid over the January month. Allocating the same capital to this humanitarian aid would be seen as another way to show the disapproval of the Russian military conflict.
Kraken is the new name in the list of organizations that came forward to help. Before the digital assets venue, many NFT artists and decentralized organizations have donated digital assets and digital art to Ukraine. From Ukrainian flag NFT of UkraineDAO to donation by BAYC in crypto and NFTs, it counts.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
