Did you catch the ad for cryptocurrencies during the Oscars?
Allow me to jog your memory because you may have forgotten about it as the commercial aired in a world before the slap.
The ad was for a charity drive. The commercial ran through a list of necessities before landing on the word "hope."
The on-screen messaging says that the basics are the essentials in Ukraine. The ad tells viewers that they can donate to the Red Cross Red Crescent in order to alleviate the humanitarian crisis in Ukraine.
It looks like a nice message followed by a kind gesture from a large company in response to the war in Russia.
It is a PR stunt meant to promote cryptocurrencies as a whole. Why? Because it's not necessary for these donations. Don't take it from me. This is what the FAQ section on its Ukraine donation page states.
After each successful donation, yourcryptocurrencies will be converted to TUSD to avoid fluctuations in the value of the donatedcryptocurrencies, and then be converted from TUSD to EUR after the campaign period.
If you donate in the form of anycryptocurrencies listed on its exchange, it will be converted to a stable coin, a type of coin that is pegged to the U.S. dollar. The reason for this is that most cryptocurrencies are very volatile. In the next day, hour, or even minutes, a $50 donation may not be worth anything.
Hold up. That is the first step in getting your donation to the Red Cross in Ukraine. At the end of the campaign, the stablecoin will be converted to Euros and sent to the Red Cross.
The Red Cross doesn't get crypto. Before sending it to the organization, it is turned into a form of currency. One could have just donated with their credit card or debit card and avoided all the excess transfers and transactions that occur when donating viacryptocurrencies.
The direct payment link to Red Cross is provided by the crypto exchange. The option is not promoted to the extent that the payment option is. There is an obvious reason for that.
Users have to have an account with the company to donate viacryptocurrencies. That is one way to grow its user base and possibly retain a percentage of those people as regular customers. FTX and Kraken used a similar strategy when they announced they would be giving away free currency to Ukrainians.
One thing that wasn't mentioned in the commercial? There is more information about those matching donations. The website states that they will match up to $1 million. Again, a generous thing to do. We should mention that the name of the arena was purchased by the exchange for $700 million over the course of 20 years. The exchange spent millions of dollars on a Super Bowl ad this year.
Any charges or fees on donations will be waiving. The Red Cross Red Crescent will receive 100% of the donations, subject to any third-party processing fees, in support of people affected by the humanitarian crisis in Ukraine and impacted countries.
If the fees are waiving, the Red Cross will get a portion of the donations, as a result of the spread per trade. When we hear back, we will update this post.
Snopes uncovered a fake Facebook ad campaign last week. The scam tried to trick Facebook users into donating to Ukraine, which would have gone to the scam. Since the beginning of the Russian invasion of Ukraine, there has been a rise in the number of cryptocurrencies. There are many good reasons why people would not donate via the official exchange.
Readers who would like to donate directly to the Red Cross can do so here or check out the list of other legitimate charities that help refugees fleeing Ukraine.
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