The Torum Foundation has recently announced an impressive $25 million donation of cryptocurrency towards building an open and decentralised web. This generous contribution has been made through partnership with a group of philanthropic investors, including various blockchain-based firms, researchers, and non-profit organisations.
This project aims to provide greater accessibility to blockchain-based applications and platforms to a broader audience. It is also hoped that the donation will help accelerate the development of the next generation of digital tools and services while promoting financial inclusion in many developing countries around the world.
In light of this generous contribution, we look at how the $25m in donated crypto will be used by the Torum Foundation. This article discusses potential use cases for these funds, focusing on infrastructure investments and education and training initiatives for developers and users. We also explore possible considerations for allocating resources to ensure that funds are utilised effectively and efficiently.
Ukraine’s Deputy Minister of Digital Transformation Oleksandr Bornyakov recently discussed the IT Army and deploying $25M in donated crypto. His discussion was part of a larger conversation in the country, as they look to use the donated crypto to help build the country’s digital infrastructure and economy.
In this article, we’ll explore the background of this story, the conversation around this particular donation, and how it will be used.
Ukraine’s IT Army
The cryptocurrency donation to Ukraine will be used to support the Ukrainian IT Army, an NGO created as an independent army of digital activists and changemakers worldwide. The goal is to defend Ukraine’s IT institutions, deliver public education and policy reform, create economic growth and development opportunities, and advance human rights through digital tools.
Backed by a robust advisory council composed of Microsoft, Google Ukraine, Yandex Ukraine and other global leaders in technology and humanitarian aid, Ukraine’s IT Army seeks to build a national capacity for digital infrastructure while allowing civilian authorities access to maintain each organisation’s interest areas. The organisation is also gaining private funds from philanthropic organisations and industry professionals such as co-founder Bill Gates.
The global capital influx from donated crypto will serve primarily as an accelerator for projects such as coding camps for veterans, providing home-based tech security solutions for civilians in conflict areas, forging strong partnerships with academia in NAMA countries on immigration issues projects with governments on cyber security topics (cryptocurrency use cases included), supporting the development of IT business incubators; building tech hubs across all regions ; supporting software startups via venture initiatives; creating online jobs platforms tailored to veterans and disabled populations; launching an online platform that guides prospective entrepreneurs/businesses/organisations through processes like registering in multiple geographies or actually executing their international regulations ; training overseas immigrants considering a move back home; collaborating with like minded not-for-profits globally; developing government outreaches by offering access to over 7 million Ukrainians living abroad -all while increasing awareness of new regulations so stakeholders can prepare the right ecosystem regulations that consider blockchain implementation too.
These are but only a few projects proposed by this Foundation—the larger vision enabled by this crypto donation connects people regardless of their geographies — enabling tech democratisation on multiple levels (economic & cultural) while building largescale channels of trust between local & global stakeholders . This broader purpose can be tailored as needed through smart contracts on its platform architecture to maximise its impact across all social dimensions efficiently.
The purpose of the $25M in donated crypto funds is twofold. First and foremost, it will go towards world-wide relief efforts to combat the novel coronavirus. A portion of the funds will be specifically set aside for urgent humanitarian needs, while the majority will be distributed to pandemic-related global health initiatives. In addition, funds may be used to provide essential services such as medical supplies, protective equipment, food aid, mental health support and more.
The second purpose of the $25M in donated crypto is education and public outreach focused on digital assets and blockchain technology. Funds may go towards creating educational materials, hosting conferences and workshops, or other activities related to educating the public about cryptocurrency. This could include building global awareness about digital assets, educating people about secure infrastructure for storing tokens and coins, or helping newcomers get involved with crypto-related projects. This initiative aims to open up opportunities for global adoption of cryptocurrency technology by increasing understanding of its power and potential implications around security, privacy and governance.
Ukraine’s Deputy Minister Talks
Ukraine’s Deputy Minister for Digital Transformation, Alexander Bornyakov, spoke out recently about the country’s plan to deploy $25M in donated cryptocurrency. The funds will be used to develop an ‘IT Army and other digital transformation initiatives. He spoke of the importance of blockchain and cryptocurrency technologies in helping to build up the country’s economy.
This article explores what the Deputy Minister had to say and how the donated crypto will be used.
Ukraine deputy minister talks IT Army and deploying $25M in donated crypto
Ukraine’s Deputy Minister of Digital Transformation discusses plans to deploy the $25 million in Ethereum and recent Bitcoin donations from Progression. According to the Ministry of Digital Transformation, these funds will be used primarily as incentive payments for software developers and other projects aimed at developing modern digital solutions in Ukraine.
In addition, the Ministry of Digital Transformation has announced plans to use the funds to recruit blockchain experts worldwide directly into Ukraine-based startup companies. These efforts are expected to create jobs within local tech sectors and inject new talent into Ukrainian digital projects. Deputy Minister Maksym Vashchenko has also mentioned that funds could be available for research and development initiatives related to blockchain technology and furthering cryptocurrency use cases in Ukraine.
The ultimate goal is to provide a real-world example of how effective, humanitarian-focused cryptocurrencies can spur economic activity and benefit communities worldwide. Furthermore, developing an increasingly attractive tech sector should bring a brighter future economy for Ukraine’s citizens while also increasing international collaboration within cryptocurrency spheres. This would involve strengthening ties with other nations while broadening our horizons on decentralised solutions and providing domestic and global investment opportunities.
Plans for the Donated Crypto
Ukraine’s Deputy Minister of Digital Transformation Sasha Borovik has stated that the country plans to use the $25 million worth of donated cryptocurrency to fund government activities, such as providing free WiFi and installing the latest e-government technology. Waltonchain and Yvette Go, a blockchain startup with offices in San Francisco and Hong Kong, organised the donation. This marks one of the first major large-scale cryptocurrency donations made to a government entity on a large scale.
As part of its donation, Waltonchain has also set up training centres throughout Ukraine, providing citizens access to workshops and courses to better understand blockchain technology. The ultimate goal is for Ukraine’s government and citizens alike to become experts in using this new technological innovation, making their country more competitive in the international markets.
Borovik further specified that part of this donation would go towards creating new jobs by investing into infrastructure projects like research centres for blockchain implementation and educational programs for developers. In doing so, he hopes this crypto-donation could help spur economic growth across the country.
It will be interesting to follow how this huge donation will impact Ukrainian politics and economy over time; it seems the country could gain valuable insight from embracing such advanced technology. Moreover, considering its high potential within various industries like finance and healthcare, Ukraine appears eager to take full advantage of its newfound resources.
Benefits of the Donated Crypto
The Deputy Minister of Digital Transformation of Ukraine Oleksii Flukhu has recently revealed the details of a $25 million crypto donation involving the OKEx charity initiative. The donation will aid the country with coronavirus relief efforts, with funds spent on fighting the virus and creating opportunities for citizens.
This generous donation is critical for Ukraine as it battles COVID-19 and its self-destructive effects. The funds from this crypto donation presents several potential benefits for the nation, including:
• Increased healthcare resources: The donations will help finance much needed medical supplies and equipment such as ventilators and protective gear for healthcare workers. This could pave the way to improved access to quality healthcare services in Ukraine.
• More jobs: With more resources, local governments can provide financial support and incentives to small businesses hit hard by the pandemic. This could lead to more job opportunities while stimulating economic growth in the community.
• Boost tourism industry: Another direct result of this donation is increased funding for travel and tourism operators in Ukraine. New programs could attract tourists back to Ukraine, helping reinvigorate its tourism sector decimated by COVID-19 lockdowns over recent months.