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CoinGate cooperates with IBS and Central Bank of Ukraine for crypto donations

 


CoinGate, a Lithuania-based crypto payment processor, has partnered with the National Bank of Ukraine (NBU) and the International Business Settlement (IBS) to allow crypto assets crypto users to trade over 70 different cryptocurrencies to the Ukrainian ones donate to the armed forces.


This initiative allows other small crypto asset holders to support Ukraine without necessarily having to trade their cryptos. This will expand the list of crypto assets that Ukraine has accepted as donations.


Ukraine had stated that it had already accepted donations in the form of Bitcoin (BTC), Polkadot (DOT), Tether (USDT) and Ethereum (ETH).


CoinGate co-founder Dmitryus Borisenka justified this bold support of Ukraine by saying:


“Today we see unprecedented aggression against a civilized European country. An act of aggression that disrupts the freedom of Ukraine and its people.”


CoinGate's product lead, Sarunas Matulevicius, however, added:


“We do what we do best. We have a platform that can handle 70+ different cryptos with the ability to convert them to any other crypto or fiat in real-time.”


CoinGate will automatically convert all crypto donations into euros, after which IBS will authorize direct payment to the special donation accounts set up by the Central Bank of Ukraine to support the Ukrainian Armed Forces.


CoinGate's digital manager Matas Kibildis said in an interview that the company has already sent a huge sum, with even its employees individually promoting the initiative in various ways to support Ukraine.


Matas Kibildis added that the crypto community is always supportive and willing to donate when needed, as in the case of Ukraine. 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 make cross-border decentralized donations to countries facing conflict is truly fascinating and one of the main reasons why the community is actively supporting Ukraine."

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