Stellar Blockchain Backbone of Ukrainian Finance!


 The Stellar Development Foundation (SDF) successfully signed an agreement with the United Nations High Commissioner for Refugees (UNHCR) to send a sum of money to the people of Ukraine through a digital cash withdrawal system powered by Stellar*.

*An open source payment technology that shares some similarities with Ripple

In general, UNHCR is an agency of the United Nations (UN) whose role is to protect refugees displaced due to persecution or political conflict.

Going back to the original explanation, Stellar will help the UN through the "Stellar Aid Assist" pilot project which has collaborated with Circle, MoneyGram International and the Vibrant wallet application to provide financial aid to Ukraine.

The UN supported by Stellar and Vibrant was able to send the money faster and easily as Ukraine's banking infrastructure is currently suffering due to the effects of the Russia-Ukraine war.

While its partnership with MoneyGram can allow Ukrainians who wish to convert their stablecoins to fiat even if they don't have any bank accounts, credit or debit cards.

Among the benefits that will be obtained if using Stellar Aid Assist is preventing theft or transfer of funds and not forgetting also the process of sending money will be tracked immediately.

According to David Miliband, President and CEO of the International Rescue Committee (IRC) stated that its partnership with Stellar is a new way to allow Ukrainians to receive cash assistance by leveraging blockchain technology.

Speaking from Denelle Dixon, the Chief Executive Officer (CEO) and Executive Director of SDF is pleased to work with IRC to help the people of Ukraine through Stellar Aid Assist.