Fundraising platform raises $2m of Tether for Ukrainians: Crypto Moves

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Updated 08 March 2022
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Fundraising platform raises $2m of Tether for Ukrainians: Crypto Moves

RIYADH: Whitepay, a fundraising platform that seeks to assist Ukrainian civilians and the country’s military forces, said it had raised $2 million of the stablecoin Tether, known as USDT.

Some of the donated crypto assets have been sent to the Ukrainian military and to a humanitarian fund that finances volunteers.

Others have been transferred to the Ukrainian Army to cater to its medical needs. A portion of the assets has gone to the humanitarian fund that finances the volunteers, according to a tweet posted by the fund.

The announcement by Whitepay, which was founded by the Estonian crypto exchange Whitebit and Ukrainian fintech and crypto entrepreneur Gleb Udovychenko, came as reports said Ukraine had received cryptocurrency valued at $50 million in just one week, Bitcoin.com reported.

Daily trading

Bitcoin, the leading cryptocurrency internationally, traded higher on Tuesday, rising by 1.60 percent to $39,005 at 3:00 p.m. Riyadh time.

Ether, the second most traded cryptocurrency, was priced at $2,587, down by 1.75 percent, according to data from Coindesk.

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President Joe Biden is expected to sign an executive order on cryptocurrency this week that will mark the first step toward regulating how digital currency is traded, AP reported.

Apple co-founder Steve Wozniak says Bitcoin is “the only one that’s pure-gold mathematics”, and he is skeptical of most other cryptocurrencies.

“There’s so many cryptocurrencies that come out now. Everybody has a way to create a new one, and you have a celebrity star with it. It seems like they’re just collecting a bunch of money from people who want to invest at the very earliest stage, when it’s worth pennies,” Wozniak said in an interview with the Insider.

While he is a fan of the metaverse, Wozniak is less enthusiastic about non-fungible tokens and cryptocurrencies, according to Bitcoin.com.

Wozniak said they are “so up in the air,” stressing they have a track record of thefts.


Saudi POS spending rises 4.5% to $3.8bn in late February: SAMA 

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Saudi POS spending rises 4.5% to $3.8bn in late February: SAMA 

RIYADH: Saudi Arabia’s point-of-sale spending rose 4.5 percent to SR14.5 billion ($3.8 billion) in the week ending Feb. 28, even as the number of transactions declined.

According to the latest data from the Saudi Central Bank, also known as SAMA, the total number of transactions fell 4.6 percent to 210.53 million during the period.

Freight transport and postal services recorded the largest jump, surging 50.4 percent to SR121.35 million. Apparel and clothing followed with a 44.2 percent gain to SR1.9 billion. 

Personal care transactions grew 21.7 percent, while books and stationery advanced 8.3 percent. Hotel receipts also increased 11.1 percent to SR376.26 million. 

Pharmacies and medical supplies registered a 23.5 percent rise to SR254.51 million, while medical services edged up 10.2 percent to SR531.56 million. 

Food and beverage purchases declined 11.4 percent to SR2.33 billion, though the segment still accounted for the largest share of POS activity. Restaurants and cafes followed with a 1.8 percent drop to SR1.22 billion. 

The Kingdom’s key urban centers reflected the broader trend. Riyadh, which accounted for the largest share of POS activity, recorded a 2.5 percent increase to SR4.86 billion, compared with SR4.75 billion the previous week. Transactions in the capital totaled 65.7 million, down 5.9 percent week on week. 

In Jeddah, transaction values climbed 5.6 percent to SR2 billion, while Dammam posted a 1.6 percent uptick to SR689 million. 

Weekly POS figures tracked by SAMA offer insight into consumer behavior and the continued expansion of digital payments across Saudi Arabia. 

The data also highlights the expanding reach of POS infrastructure, extending beyond major retail hubs to smaller cities and service sectors, supporting broader digital inclusion initiatives.  

The growth of digital payment technologies aligns with Saudi Arabia’s Vision 2030 objectives, promoting electronic transactions and contributing to the Kingdom’s broader digital economy.