Russia’s invasion of Ukraine presents a humanitarian crisis in Europe.
How can crypto help?
The Vice Prime Minister of Ukraine requested crypto donations on behalf of the people. on behalf of the people.
And in about a week, crypto worth $50M had been raised.
Donations poured in fast, even from famous crypto builders like Justin Sun of TronDao, who donated $200,000 in $Tron and Gavin Wood of Polkadot, who donated $5M in $Dot and others too many to mention.
Collections were made via BTC, ETH, USDT (trc20), DOT and SOL. So, it is safe to say that Crypto helped.
But since, there has been clamours online for a transparent appropriation of these donations.
Now, this presents some unique challenges such as;
- Control – How many people will be in charge of managing and disbursing these funds?
- Security – How will private keys be stored?
- Fraud detection – How can money laundering be prevented?
- Treasury policies – How many levels of approvals before funds are sent?
- Accountability – How can the balance sheet be tracked?
The answer to all of these questions is THRESH0LD.
THRESH0LD is happy to offer these services to the Ukrainian government or other organisations with similar needs.
This is how THRESH0LD solves these issues:
- Three parties/nodes must sign off on transactions before they are broadcast to the blockchain.
- Your wallets are keyless. This means the loss of funds due to theft of private keys has been eliminated.
- The inbuilt fraud and AML software ensures that transactions can neither be received from or sent to blacklisted addresses.
- The wallet control policies are such that persons initiating transactions are different from those approving them. Policy controls allow businesses to comply with sanctions in effect while transacting with whitelisted designates.
- The THRESH0LD balance sheet function makes financial reporting seamless.
The conflict in Ukraine has proven that crypto can be relied upon as a good form of money even in war times when traditional monetary systems break down.
THRESH0LD’s self custody wallet infrastructure makes mass crypto adoption easy.
If you are interested in sending aid to the displaced Ukranians, you can check out the official twitter handle of the Vice Prime Minister.
We strongly pray for peace in Ukraine.