A not-for-profit cryptocurrency fundraising project is inviting people to stake their crypto to a pool, with the interest accrued used to support humanitarian efforts for Ukrainians affected by the war.
Backed by the Ukrainian and Lithuanian governments, the UkrainianPool is the world's first not-for-profit Initial Stake Pool Offering (ISPO) crypto fundraising project.
Participants can stake their funds which generate rewards on the blockchain which are then transferred to a wallet owned by the Ukrainian government. Participants' crypto assets are frozen, meaning that they can generate interest of five per cent.
Backed by a number of European crypto startups, the initiative has set an initial target of $10 million in funding for humanitarian efforts. Participants can unfreeze their assets at any time.
For transparency, contributors will be able to check what happens with funds on an open-sourced protocol. The project operates with support from the Ministry of Digital Transformation of Ukraine and plans to pay out the accumulated rewards every five days post the 14-days maturity period.
Oleksandr Bornyakov, deputy minister, Digital Transformation of Ukraine, says: "The crypto community has already shown unprecedented unity while standing with Ukraine. It's a significantly important trend: Ukraine’s support is constantly growing. No wonder, both Ukraine and crypto serve the principles of freedom and democracy and get used to fighting for their rights."