Tag: Donations

Ukraine receives over $70M in crypto donations

by Blockchain News

Since the start of the Russian-Ukrainian conflict, Ukraine has received over $70 million in cryptocurrency donations, according to a report by blockchain data platform Chainalysis. The funds, which have primarily come in the form of Ether and Bitcoin, have provided the nation with much-needed resources for military equipment and humanitarian aid efforts.

The conflict between Ukraine and Russia began in 2014, when Russia annexed Crimea from Ukraine. The conflict has since escalated, with fighting in the eastern regions of Ukraine resulting in the deaths of over 13,000 people. The conflict has also displaced millions of people and caused significant damage to infrastructure.

Despite the challenges, the people of Ukraine have received support from the international community, including through cryptocurrency donations. The Chainalysis report found that donors have contributed to Ukraine’s efforts in a variety of ways, with the majority of funds going towards military equipment and humanitarian aid. The report also noted that donors have contributed through non-fungible tokens, such as UkraineDAO’s auction of a Ukrainian flag NFT that sold for $6.1 million.

The use of cryptocurrency in conflict zones has become increasingly common, as it provides a means of bypassing traditional financial systems and allows for anonymity. In some cases, it has been used to fund illicit activities, such as terrorism or money laundering. However, in the case of Ukraine, the cryptocurrency donations have been used for legitimate purposes and have made a significant impact on the country’s ability to provide for its people during a time of crisis.

While the conflict in Ukraine remains ongoing, the cryptocurrency donations provide a glimmer of hope for the people of the country. As the use of cryptocurrency continues to grow, it is possible that it will play an increasingly important role in humanitarian efforts and conflict resolution around the world.

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Polaris Ventures, a charity created by former FTX and Alameda

by Blockchain News

It has been claimed that Polaris Ventures, a charity founded by Ruairi Donnelly, a former head of staff at both FTX and Alameda, wants to get access to around $150 million in profits made through the selling of employee tokens by the insolvent exchange.

According to an article that was published in the Wall Street Journal on February 14, Donnelly was paid an annual salary of around $562,000 while he was employed by FTX. This pay was converted into FTX Token (FTT) at a rate that was not made accessible to the general public, which was $0.05. Reportedly, the former CEO “donated” the tokens to Polaris Ventures, which then proceeded to sell them for a price of $1 once public trading commenced in 2019 and 2020, resulting in the former executive receiving millions of dollars.

In November, FTX filed for Chapter 11 bankruptcy, which was also the moment when numerous wallets and cash associated with the exchange were confiscated by authorities or otherwise blocked for the duration of the legal process. It has been alleged that Donnelly is looking to pay out the $150 million in the midst of public criticism of FTX and Alameda and their previous CEOs.

It has been claimed that Donnelly’s legal team said that the charity’s FTT tokens “were not FTX’s finances,” implying that they are not susceptible to claims brought forward by third parties. On December 19, the debtors for the exchange said that they would “make arrangements for the restitution” of monies provided to charitable organizations or political campaigns. They also proposed taking legal action to retrieve payments with interest should any organization refuse to pay them back.

During the process of FTX filing for bankruptcy in the United States, many agencies have declared that they would be conducting investigations into charity groups. Due to the fact that FTX is a “major sponsor” of Effective Ventures, the Charity Commission for England and Wales said in January that it has initiated an investigation into the organization.

This article has been updated to reflect revisions that were made to a story in the Wall Street Journal about the usage of the term “insider.” The modification was made on February 15 at 3:01 AM.

According to reports, Ruairi Donnelly was able to make a profit by purchasing FTT tokens at a discounted rate and then reselling them at a higher one.

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Ethereum Co-Founder Vitalik Buterin Donates 50 ETH

by Blockchain News

At this point, Ethereum co-founder Vitalik Buterin has made at least two significant donations to aid the victims of the earthquake that struck Turkey and Syria a week ago.

The earthquake with a magnitude of 7.8 occurred on February 6th. The current death toll is at 33,000, making it one of the worst disasters the world has seen in recent decades.

Throughout the last week, the co-founder of Ethereum has been among the numerous people who have actively donated Ether (ETH) to fund rescue efforts in Turkey. According to blockchain security company PeckShield, his most recent contribution was made on February 12 and consisted of 50 ETH, which is equivalent to around $77,000. This was given to Anka Relief.

Anka expressed gratitude to the co-founder of Ethereum for his generosity and said that cryptocurrency contributions have been coming in from the very first day.

“Ever since the first day of the crisis, we have seen contributions building up in the wallets of a select few of the world’s most prominent NGOs. The group said that it was wonderful that they had garnered and will continue to draw additional cash.

Anka has supplied a list of cryptocurrency wallets that may be used for the purpose of monetary contributions. The Web3 Relief Support Organization is also the driving force behind the Ukraine DAO initiative, which aims to solicit crypto contributions in order to fund relief operations in the country that is now under siege.

The most recent contribution brings Vitalik’s total amount of ETH contributed in aid of those affected by the earthquake to 100. Ahbap is a nongovernmental and nonprofit organization committed to humanitarian activities in Turkey. On February 11, an address associated with vitalik.eth sent about 150,000 ETH worth of ETH to Ahbap.

Additionally, multiple crypto addresses have been supplied for different coins that Ahbap is able to receive as contributions.

It claims that it has received crypto contributions totaling $4.3 million to this far, with stablecoins being the vast majority of the tokens submitted. Etherscan reports that the Ahbap wallet has a total of 409 ETH, which had a value of $622,000 at the time this article was written.

On February 10, the Financial Times in London published an article stating that cryptocurrency contributions had been coming in from all across the world. More than ten million dollars’ worth of cryptocurrency have been donated by various businesses, with Binance alone contributing five million dollars to the relief efforts in Turkey.

Additionally, Binance announced the distribution of $100 worth of BNB (BNB) tokens through airdrops to users in the locations that were struck the worst last week.

It is not the first time that contributions for earthquake assistance have been made using cryptocurrency. In the aftermath of the devastating earthquake that struck Nepal in 2015, many relief groups received contributions in the form of bitcoin.

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Al Jalila Foundation Gets Donations Worth $16M in Crypto

by Blockchain News

Months after becoming the first healthcare charity in the United Arab Emirates (UAE) to accept charity in crypto, Al Jalila Foundation has received a donation in cryptocurrency worth $16 million.

As the first of its kind on UAE soil, the crypto donation will be channelled towards assisting Hamdan Bin Rashid Cancer Charity Hospital. The funds will specifically aid in the construction of a bone marrow transplant centre, which will be later renamed “QUINT Bone Marrow Transplant Centre” upon launch.

 

This move will make specialized medical treatment affordable to cancer patients.

 

Abdul Kareem Al Olama, the CEO of Al Jalila Foundation, pointed out:

“We are grateful to QUINT for their generous contribution that will have a great impact on the lives of adults and children suffering from cancer.”

He added:

“As a philanthropic organisation, we rely on charitable donations, and we are always seeking innovative ways to expand our donation channels for ease of convenience for donors from all around the world to support our programmes.”

QUINT founders made donations to support the Al Jalila Foundation’s objective of changing lives through medical innovation. QUINT is a revolutionary DeFi and crypto platform.

 

Mohammed Al Bulooki, QUINT’s chairman, stated:

“QUINT’s founders, developers, and partners support Al Jalila Foundation’s aim of transforming lives through medical research and are delighted to be able to contribute to this mission.” 

Al Olama had previously stated that the Al Jalila Foundation was taking the crypto donation route to boost its capabilities, network, and channels per Dubai’s intention of becoming a leading cryptocurrency hub. 

 

The foundation spearheaded life-changing healthcare programs in different fields like research, education, and medical treatment since 2013.

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Philcoin Rolls Out Staking Program for Donating Charity

by Blockchain News

To change the way of charity, Philcoin has established a staking mechanism that will enable users to donate part of their earnings to a charity of their choice within PHILApp. 

The philanthropic blockchain movement intends to create wealth for all through the staking feature by contributing to society.

Per the announcement:

“Staking has never been more rewarding – until now. Philcoin’s mission to change the way giving happens starts with you. You have the power to take back your financial sovereignty while empowering others to do the same.”

The staking mechanism is expected to help Philcoin create a global philanthropic movement by changing how giving happens. 

Since staking enables users to earn a fixed interest upon storing some tokens for a certain period, the new feature on PHILApp will offer an annual percentage rate (APR) of 15%.

The report noted:

“Here’s where it gets interesting – and what makes Philcoin’s staking the first of its kind in the world! You keep 50% of this APR and get to donate the remaining 50% to a charity of your choice within PHILApp. It’s a staking mechanism that rewards Philcoin’s entire global community.”

The APR is founded on the number of tokens and not the USD value of the tokens. Therefore, Philcoin plans to take staking a notch higher by incorporating the giving aspect. 

Meanwhile, the connection between crypto and charity continues to grow strong as cryptocurrencies are deemed ideal donation tools. 

For instance, Al Jalila Foundation became the first healthcare charity in the United Arab Emirates (UAE) to accept crypto donations to bridge the gap between physical and digital currency pertaining to giving. 

Therefore, staking seeks to be the new avenue of bringing wealth to greater communities, not just individuals, through giving. 

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AI-Generated NFT Collection to Preserve Ukrainian Art and Offer Humanitarian Support

by Blockchain News

Through a global coalition of advocates, digital innovators, artists, and educators, an AI-generated NFT collection has been established to conserve Ukrainian art and raise funds for humanitarian aid.

Dubbed MINT FOR UKRAINE, the non-fungible token (NFT) collection of one million artworks is seen as a stepping stone toward keeping Ukrainian culture in the history books. 

Tymofiy Mylovanov, the President of the Kyiv School of Economics, noted:

“There is no nation without its culture. Now with the help of AI and the blockchain, we have a chance to make pieces of Ukraine stay forever in the world’s history. While we are fighting for the freedom of our country, join us in the fight for our culture and help Ukraine.” 

Minting the NFT art pieces will be done for free after creating a wallet and donations channelled through crypto or currency of choice. Per the announcement:

“Up to 10% of donations are directed to support the Ukrainian culture (artists and cultural institutions), while the remaining 90% are devoted to humanitarian support of Ukraine, through the vetted network of charities.”

Phil Bosua, the creator of the collection, pointed out:

“I think the human/AI collaboration is the next great art movement. We now have a direct line from thought to expression and we can create as much art as we can imagine. When we pair these ideas with a global cultural crisis, art has the ability to cause change on a scale we’ve not yet imagined.”

The MINT FOR UKRAINE is also being made a reality through a joint effort by OpenSea, the Kyiv School of Economics Foundation, four Ukrainian Ministries, Polygon, Artificial Intelligent Mind Collective, Ukraine.ua, Polygon Studios, and Reface. 

Last month, Ukraine’s Ministry of Digital Transformation launched a MetaHistory NFT Museum, a blockchain-based collection of digital images, to tell the story of the Russian invasion of Ukraine.

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10,000 Ukrainian Flags Minted as NFTs to be Sold on The Sandbox

by Blockchain News

As the ongoing war between Russia and Ukraine enters its second month, a lot of people have stood with Ukraine, as its people and economy continue to suffer from the pangs of the destruction the war ushered in.

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In a recent move, as many as 10,000 Ukrainian flags, modelled as Non-Fungible Tokens (NFTs) are up for sale on the Mauer website. 

The project, which is targeted at raising funds to support the people of Ukraine most affected by the ongoing war, is dubbed, ‘Wave With Ukraine’. It is in collaboration with The Sandbox, the renowned blockchain gaming protocol.

Each Ukrainian NFT flag will cost $100 and will be for sale from March 30 to April 15. Per the cost price per unit NFT, and the associated total, the Wave with Ukraine NFT is poised to generate at most $1,000,000, all of which will be donated to charities vetted by MAUER’s Ukrainian employees in a bid to ensure that the raised funds make maximum impact.

As a way to allow massive participation, the NFT flags can be acquired through cryptocurrencies or by payment cards, both of which are supported by the Mauer platform. As a way to show solidarity, The Sandbox said it would match the raised funds dollar for dollar, meaning the project is expected to donate a total of $2 million if it receives the proper participation.

Ukraine has received more than $100 million in funding from the digital currency ecosystem alone. While mainstream governments have continued to support Ukraine with humanitarian funds, the solidarity that the digital currency ecosystem has shown has revealed how the nascent asset class can be used as a force for good.

With prominent cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Tron (TRX), and Solana (SOL) amongst those donated, NFTs have also shown it is equally viable as an asset in the donation scene.

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Ukraine Receives Military Supplies via Crypto Donation

by Blockchain News

Cryptocurrencies undoubtedly came to the rescue when Ukraine called for donations through it as its territories were invaded by Russia almost late last month.

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With more than $100 million donated so far, Ukraine’s deputy minister of Digital Transformation, Alex Bornyakov, has detailed how much has been spent out of the donated funds thus far.

Speaking to Bloomberg recently, Bornyakov said as much as $15 million he has used in buying bulletproof vests, 500 helmets and as many as 410,000 lunch packs for the Ukrainian army. Most of these supplies were delivered just past Friday. 

The total donations to the Ukrainian war effort came in the form of Bitcoin (BTC), Ethereum (ETH), Polkadot (DOT), Solana (SOL), and Dogecoin (DOGE). Besides these mainstream cryptocurrencies, a number of Non-Fungible Tokens (NFTs) have also been donated to the Ukrainian government, including a Bored Ape Yacht Club (BAYC).

The report has it that some of the military supplies received by the Ukrainian government were paid for in digital currencies, another proof of how well cryptocurrencies can be utilized. However, the government has no plans to sell off the Bored Ape NFT in its wallet. The CryptoPunk #5364 NFT was last sold for 16.2 Ethers, worth over $43,000 in current prices. However, the Bored Ape collection now has a floor price of 97 ETH worth approximately $250,000 in current prices.

“Yes, someone donated us a CryptoPunk, but it’s so hard to sell, we haven’t used it at this point,” Bornyakov said. “We are going to keep it for now. We appreciate every support that people are trying to give. What’s important is people’s awareness. They see what’s going on, and they are trying to help. We will work with NFTs a little bit later. We are focused on things we can deal with right now. There’s no time to figure out how to convert them. Maybe once things settle down, we’ll figure this out.”

With more crypto funds flowing into the Ukrainian government wallet, digital currencies’ decentralized and censorship-free nature was well pronounced throughout this war period.

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Ukrainian Government Accepts Polkadot DOT Donations, Expanding Crypto Donations Over $30M

by Blockchain News

Ukraine Expands over $30M worth crypto donation program by accepting Polkadot’s DOTs after the Russian Army Invasion.

The Ukrainian government accepts DOT for the 11th-largest cryptocurrency by market capitalization, Polkadot, according to a statement posted on the Ukrainian government’s Twitter account on Tuesday. Previous cryptocurrency donations include Bitcoin, Ethereum, and the stablecoin Tether.

The official Twitter account of the government of Ukraine published an Ethereum (ETH) and a Bitcoin (BTC) address to which the donations are meant to be sent.

According to Blockchain.com, The entire public, particularly the crypto-savvy population, has shown solidarity with Ukraine and raised about $8.2 million in bitcoin and $7.1 million in the ether since the call.

These have almost been diverted for humanitarian relief.

The Ukrainian government has also indicated that more tokens will soon be in the way of accepting donations, for example.

Ukraine tweeted about a possible crypto airdrop — a promotion giving away free tokens, but nothing has been confirmed yet.

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Bitcoin set to help communities — Latinx nonprofit now accepts crypto donations

by Cointelegraph

An organization that supports communities in times of need employs the helping hands of crypto to open the doors for a “broader swath of philanthropists.”

Powered by charity provider The Giving Block, Corazón Latino is set to accept Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), and many other cryptocurrencies to help its goals of reconnecting communities with the environment and providing quick responses to places affected by disasters like the COVID-19 pandemic. 

The nonprofit consistently runs initiatives focused on eco-tourism, conservation and climate resilience. Apart from these, Felipe Benitez, the founder and executive director of Corazón Latino, says that the organization has “provided rapid response mobilizations to support communities” during emergencies. Arizona, Puerto Rico and El Salvador are among the countries that received its support. 

The founder notes that adapting emerging technologies will help the organization in the long term. He says that they “believe that being at the vanguard of new tools and technologies” is very important to their future.

“Accepting cryptocurrency will be part of our long-term strategy allowing us to be more inclusive, creative, and innovative as we grow and adapt to our changing world.” 

Benitez adds that their team will also utilize nonfungible tokens to highlight the beauty of the environment. In recognition of Puerto Rico becoming a crypto hub, Corazón Latino will soon reveal NFTs that feature “the most beloved” wildlife in Puerto Rico. “We hope that each virtual asset reflects and embodies our appreciation for Madre Tierra,” says Benitez. 

Related: University accepts Bitcoin donations to fund crypto-related activities

Meanwhile, The Giving Block’s annual report shows that 2021 recorded the most crypto donation volume ever within its platform. The company revealed that donations made a 16x jump from $4.2 million in 2020 to $69.6 million in 2021, making it the largest year for crypto charity.