How blockchain technology is supporting Ukraine and Russia by betting on virtual Russian stocks
Cryptocurrencies and blockchain technology have proven to be a lifeline to save both the Ukrainian and Russian economies.
Digital currency donations have helped fund Ukraine’s army, bolstered relief efforts and will help the country rebuild.
According to Tradingplatforms.com, last month crypto donations reached over $100 million (€94 million).
But crypto donations are not the only way blockchain technology is helping those affected by the war.
The American and Austrian start-up Morpher launched a platform on Friday that allows investors to bet against Russian stocks, without benefiting the Russian government, companies or oligarchs.
All the profits of Morpher Arena will also be donated to organisations supporting Ukrainian refugees.
The company has both Ukrainian and Russian nationals among its team but Morpher’s founders say they want to raise funds to support the Ukrainian people.
“What used to be a free and open market on the Moscow Stock Exchange was all of a sudden a very restricted and sanctioned market. So a lot of people have lost access, and that is exactly what the Morpher protocol is built for,” the company’s CEO Martin Froehler told Euronews Next.
He said it works through a peer-to-peer cryptocurrency smart contract on the Polygon blockchain.
Users deposit USD Coin - a digital stablecoin that is pegged to the dollar - into the platform and, in return, own a part of the total staking pool.
People from all over the world can then place bets on the price development of the stocks in companies like Russia’s gas giant Gazprom. The underlying stock of the company is never traded, so Gazprom - or whichever company it is in question - would not benefit.
“It’s really just people who are interested or who have an opinion about
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