UkrainePool invites crypto holders to stake their funds to support humanitarian efforts
finextra.comParticipants 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.
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