Ukraine accepts DOT, founder Gavin Wood donates $5.8 million

Calls from the crypto community for Ukraine to accept other cryptocurrencies have been answered. The official Ukraine Twitter account shared that it will now accept donations from Polkadot (DOT), while other cryptocurrencies will soon be added. 

Gavin Wood, the co-founder of Polkadot had previously shared that if the Ukraine wallets were to add DOT, he would personally contribute $5 million. He made true on his promise, donating 298,367.2269896686 DOT, which is roughly $5.7 million, to Ukrainian wallets.

Total crypto donations for Ukrainian charities, the military and the government have been over $37 million, by Cointelegraph estimates. Wood’s single donation comprises over 10% of the total crypto donations.

Indeed, Wood’s donation is one of the largest individual crypto donations to date. Sam Bankman-Fried’s platform, FTX, donated $25 to each Ukrainian on his exchange platform, while CEO Deepak Thapliyal of Chain.com donated 100 Ether (ETH), or over $280,000 USD.

Besides Wood, the Polkadot ecosystem had already contributed over $210,000 to the official DOT wallet for Ukraine since this morning, according to Polkadot blockchain data.

For cryptocurrencies not accepted by Ukraine, Coingate, a Lithuanian-based fintech, offers a workaround. As a payment gateway for cryptocurrencies, Coingate allows holders of other cryptos to donate to Ukraine.

The coingate cryptocurrency donation portal. Source: Coingate

Coingate manages the crypto payments for a list of over 70 cryptocurrencies, eventually crediting the Ukraine bank account with euros. Coingate told Cointelegraph, “In the past five days, we have raised 7000 EUR from various crypto communities.”

Related: Crypto exchanges consider Ukraine’s call to freeze Russians’ Bitcoin

To date, the crypto community has been quick to come to the aid of Ukraine with donations and words of encouragement. Twitter observers noted that Ukraine’s innovative crypto activity was an attempt at “making history.”

All Dutch and English crypto news!

Dollar Cost Averaging or Lump-sum: Which Bitcoin strategy works best regardless of price?

Bitcoin (BTC) has declined by more than 55% six months after it reached its record high of $69,000 in November 2021. The massive drop has left...

Cointelegraph Store: Introducing Bitcoin Pizza Day merch for crypto OGs

Twelve years ago today, on May 22, 2010, programmer and early Bitcoin (BTC) miner Laszlo Hanyecz made history when he traded 10,000 BTC for two...

Terra’s meltdown highlights benefits of CEX risk-management systems

The collapse of Terra's ecosystem - namely, native coin LUNA and algorithmic stablecoin TerraUSD (UST) - rocked the wider blockchain and cryptocurrency ecosystem. Not only...

6 Questions for Sonali Giovino of Defiyield

We ask the buidlers in the blockchain and cryptocurrency sector for their thoughts on the industry… and throw in a few random zingers to keep...

Beste exchanges

Koop je crypto bij Bitvavo