Ukraine: The Humanitarian Turn of Cryptocurrencies
Humanitarian fundraising for Ukraine is increasing!
Russia‘s war against Ukraine has shed light on the new geopolitical role of cryptocurrencies. Not only do they become one of the only means of international payment for Russian companies and banks, but they make it possible to help the Ukrainian population as quickly as possible. Among all the initiatives already launched, that of Impact Market on the Celo blockchain is not new. This project, like its blockchain, wants to help the most vulnerable populations. And the conflict in Ukraine exacerbates the role that these solutions can play in the future.
- A surge of solidarity for Ukraine
- Market impact and the values of the Celo blockchain
- Impact Market develops relief fund for Ukraine
Massive Solidarity From The Crypto Community Towards Ukraine
Since the start of the year, the cryptocurrency market has been mired in endless gloom. The general decline after November’s historic highs had indeed led investors to wait for the slightest sign of recovery. The entry of Russian tanks into Ukraine changed the situation overnight. Not only have cryptocurrencies become an emergency means of exchange for Russians who have been cut off from international banking exchanges, but above all, they have become the means of quickly sending money to Ukrainians. Donations have multiplied and the Ukrainian government has even appealed for donations via its Twitter account.
In a short time, more than ten million dollars have been raised, mainly in bitcoin, Ethereum and USDT. There has also been huge support from the crypto community towards Ukrainian NFT artists. Despite the anguish, they experience day after day, these artists were touched by this surge of generosity. Lists are gradually being created to indicate where Ukrainian artists are in the various NFT Marketplaces. Perhaps by a disastrous presentiment, Ukraine had just given legal status to Bitcoin and other cryptocurrencies on February 17th.
The Social Values Of The Celo Blockchain
Although less publicized, the Celo blockchain has always had strong ethics. Before entering DeFi last September, Celo wanted to develop a payment solution for emerging countries. Thanks to its Valora application, it is possible to make payments by phone without the need for a bank account. To facilitate transactions, Celo has developed its system of stablecoins. This one places less emphasis on the dollar than that of other blockchains. Alongside the cUSD, there is thus the cEUR but also the cGLD, backed by the African Franc, and now the cREAL backed by the Brazilian REAL. Thus, the populations of these countries can use a system equivalent to their currency to store their money and make their payment. We can thus see the help that this can bring to the economy of emerging countries.
Continuing on these values, the Impact Market project aims to support populations in difficulty or the process of development. The site thus offers the possibility of making donations in favor of these populations. Impact Market goes very little through associations in the field to redistribute donations. This project prefers to be in direct contact with the population. They can thus receive either one-off aid or a regular influx of money. This protocol thus makes it possible to avoid the multiplication of intermediaries so as not to disperse the donations before concretely helping the people concerned.
Impact Market Receives Cryptocurrencies To Help Ukraine Today
Beset by requests to help Ukraine, Impact Market has urgently created a dedicated page on its site to help the Ukrainian community. Initially, the concern of this protocol was to get in touch with Ukrainians. This is why Impact Market has collaborated with Unchain Fund. Ukrainians will therefore be able to directly receive donations like other communities from the Valora application. Impact Market wishes to translate its documentation as quickly as possible into Ukrainian to facilitate the process.
The main protocols on Celo will thus put a link to this Impact Market kitty on their site. ImmortalDAO, already in collaboration with Impact Market, and Mobius Money will participate in this support of Impact Market. In Nigeria, the Nigerian Cryptocurrency Club will also relay the call. To donate to Impact Market, go to this link.
The invasion of Ukraine showed the new role of cryptocurrencies. Their volatility is now of minimal importance compared to the roles they can play in international trade. Whether unfortunately to circumvent international sanctions but also to bring aid to the Ukrainian population as quickly as possible, they have become essential. Whatever the outcome of this conflict, it will be impossible to minimize the importance of cryptocurrencies on a global level. They can be used as a means of payment in all circumstances as well as instantly helping the most vulnerable populations.