The OnlyFans network gave 500 ETH to a Decentralized Autonomous Organization called DAO, which collects money to support Ukraine amid the armed conflict with Russia. But in total, their donations have added up to USD 5 million.
Popular video subscription platform OnlyFans revealed the donation of at least 500 ETH (approximately $1.3 million) to UkraineDAO, a decentralized autonomous organization that collects money to back up Russia-invaded Ukraine.
An OnlyFans representative explained to CoinDesk that the donation posses a vital part of the company’s effort to support Ukraine. It gets led by the Ukrainian-American owner of OnlyFans, Leonid Radvinsky.
The company explained that in total, it had donated more than $5 million to various humanitarian centers aiding the country during these difficult times, with an additional $1 million donation intended to go this March 15.
The representative highlighted that this situation had caused a horrid impact on the world, including members of the company’s creator community. OnlyFans CEO Ami Gan stated that the company also highlighted its strong ties with Ukraine and expressed that it wanted to support the country in a way that felt true to its policies.
UkraineDAO
UkraineDAO became a prominent cryptocurrency contributor to the Ukrainian administration in recent weeks. It has received at least $50 million or more in crypto donations since posting on Twitter Ethereum (ETH) and Bitcoin (BTC) profiles.
The DAO is a Pussy Riot and non-fungible token and Trippy Labs’s idea, with its most prominent donation ranking from a $6.5 million crowdfunded NFT sale in March, to which OnlyFans’ 500 ETH donation joined to help the country.
On the other hand, when OnlyFans consolidated the 500 ETH donation, the DAO got stuck almost at half the 1,000 ETH reserve amount. The OnlyFans donation surpassed said amount, and, from that very moment, more donations began to join the cause.
Unstoppable Donations
Donations in Bitcoin and other digital assets have increased especially this last week. Alex Bornyakov clarified that the country had collected aproximately 100 million dollars in grants through cryptocurrencies.
As reported by CoinDesk, Bornyakov explained that more than $60 million of the $100 million arrived in the central fund managed by Kuna. This Ukrainian cryptocurrency exchange has supported the government in collecting the donations; the rest of the funds arrived at various smaller funds.
Russia’s Economy Would Suffer
Since the Russian invasion of Ukraine started, the West applied a package of financial sanctions over Russia, including the freezing of Putin’s assets abroad and the exclusion of several Russian banks from the Society for Interbank and Financial Communications. SWIFT, the primary system used by financial entities to consolidate fast and secure cross-border payments.
The economic sanctions over Russia generated a decline in the ruble’s value and obliged the Russian central bank to double interest rates.
By: Jenson Nuñez
