Crypto relief effort for Ukraine in collaboration with FTX

Ukraine is facing significant hits from Russia due to recent conflicts. Following the condition of Ukraine many crypto platforms and communities are stepping ahead to help the nation. Recently, Anatoly Yakovenko, a Ukrainian by birth and the co-founder of Solana blockchain added a decentralized autonomous organization. Notably, the DAO aims to generate disaster relief fund efforts in his home nation that is currently being invaded by Russia.

Solana co-founder aims to aid Ukraine

On Friday, Sergey Vasylchuk, the CEO of cryptocurrency staking service spoke to the Solana podcast regarding a new relief effort to help Ukraine. According to the session, the Solana co-founder is looking to set-up a SOL-based digital assets relief effort decentralized autonomous organization (DAO). Notably, the fund will be established in collaboration with FTX, one of the rapidly growing crypto exchange platforms.

Difficulties in acquiring military equipments

Since martial law came into force in the nation, the Ukrainian central bank imposed limitations that make foreign currency transactions difficult for volunteer organizations within Ukraine to make payments in US dollars to equipment providers. Hence, the nation was facing difficulties in amassing critical military equipment.

However, as a natural alternative to the government issued fiat, cryptocurrencies came to the rescue.

Notably, the funds raised through the DAO are going to be routed to a particular account that has recently been opened at the central bank in Ukraine for donations. In contrast, it is also unveiled that the cryptocurrency exchange FTX will be managing the conversion of the assets from cryptocurrencies to euros or dollars for deposit into the central bank.

Furthermore, the SOL developers have also built smart contracts for the donations. Anyone can donate in SOL, Wrapped ETH, BTC, USDT, and Non-Fungible Tokens. It is also notable that until now three NFTs have been donated for the cause.

Is the DAO completely transparent?

Initially, the DAO to aid Ukraine met with skepticism from Everstake’s business partners, who sought transparency on the use of the funds. To fix the concerns, the CEO of the firm enlisted the help of the Ukraine Ministry of Digital Transformation.

Notably, the ministry agreed to post a plea for the funds on their Twitter account. Additionally, the deputy minister of the digital transformation offered his own Solana key to the multi-sig wallet, where donations will be held before distribution.