The crisis in Ukraine has proven crypto's capacity as both a tool for global charity and protection from economic warfare, argues CEO and publicist arieli.
The speed and ease with which more traditional donation platforms like GoFundMe and Fundly transfer money from donor to recipient pale compared with crypto donations. While conventional fundraising options can take up to five days to process wire transfers, crypto transactions are instantaneous. Even Bitcoin’s notoriously slow transaction speed puts older methods to shame.
Indeed, the initiatives to assist Ukraine are only the most recent and perhaps publicly mainstream iterations of blockchain’s potential to transform fundraising. Projects like SeedOn leverage a smart-contract escrow model to ensure that funds are only accessed in stages, preventing misuse. Such models are likely to become much more prevalent in fundraising well beyond the current Ukraine crisis.
If someone is suffering the insurmountable effects of war, downloading a MetaMask wallet might not be the first thing that occurs to them, especially if they haven’t used crypto before. Nevertheless, Ukraine ranks fourth on the global list of countries that have already adopted crypto, meaning a significant number of Ukrainian citizens at least have the option to utilize this alternative finance method in order to survive.
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