Upbit operator donates 1 billion Won to Ukraine

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TL;DR Breakdown

  • South Korean fintech company, Dunamu donated one billion won to Ukraine
  • WFP ramps up food operation to Ukraine

Dunamu, the operator of the largest South Korean cryptocurrency exchange Upbit, has become one of the latest companies to make a donation to Ukraine.

As reported by Korea Herald on Tuesday, the Upbit operator donated about one billion won (US$880,000) to the UN World Food Program in response to the ongoing civil unrest in Ukraine. This also comes as part of Dunamu’s campaign aimed at providing humanitarian aid to those affected by the conflict.

Dunamu’s CEO, Sirgoo Lee, said that the company’s donation was sincere support for the Ukrainian people. “We heard WFP was ramping up its emergency operation in Ukraine and thought it might need an extra pair of hands,” Lee said. Meanwhile, Upbit exchange has already banned Russian users from its platform amid the ongoing crisis.

Upbit ban Russians

Early March, Cryptopolitan reported that Upbit, the largest cryptocurrency exchange in South Korea, announced it would block Russian users from accessing its services, including withdrawal requests made from Russian IP addresses. “We’ve blocked subscriptions by users in countries which are at high risks of money laundering, in line with guidelines of the Financial Action Task Force,” Upbit noted.

Three other leading cryptocurrency trading platforms in South Korea, Bithumb, Gopax, and Korbit, also announced they would ban users from Russia in compliance with the sanctions imposed on the nation by the US governments and its alias. As of March 4th, Gopax blocked about 20 accounts belonging to Russian users.

Crypto donations to Ukraine

On Wednesday, Ukraine’s president signed a law to make a legitimate system for crypto in the nation, giving lawful cover to trades and banks in the country to deal with exchanges. Crypto donations to the country hit $64 million on March 4th, from 120,000 individuals, as per blockchain examination firm Elliptic.

On March 7th, Binance Charity donated about $2.5 million to UNICEF to help the world organization cater for children in Ukraine, Cryptopolitan reported. The donations made to Ukrainians have reportedly exceeded $100 million as several crypto companies and users rallied in support of Ukraine.

WFP ramp up food operation for Ukraine

Amid the ongoing crisis, WFP plans to give help through food disseminations, money, and food vouchers that can be spent in chosen shops. Food appropriations will focus on the enormous towns on the Ukraine side of the line where families are gathering as they hold on to perceive how the contention creates. WFP is arranged likewise to help exiles who crossed the boundary to adjoining nations.

The Russian Federation and Ukraine are liable for 29% of the worldwide wheat exchange. Any genuine interruption of creation and products from the locale could push food costs past their present 10-year highs. This will dissolve food security for a huge number of individuals, particularly the people who are now under pressure in light of elevated degrees of food expansion in their nations.

This isn’t simply an emergency among the Ukraines. This will influence supply chains, especially food expense. Presently, we’re taking a gander at a cost climb that will cost us, in functional expenses, somewhere in the range of 60 and 75 million dollars more each month. Also, that implies more individuals will hit the hay hungry.

Beasley, the executive director of the U.N., said.

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Ryan Salame
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