Ukrainian crypto exchange explains growth in the midst of the invasion
War and crypto are the biggest stories coming out of Ukraine. Viktor KochetovCEO of Cryptocurrency Exchange Kyrrex tells us how he has not only kept his economic ecosystem afloat, but has grown it while immersed in war.
The early morning of February 24, 2022 seemed like a parallel reality to many. When Russian missiles hit Ukrainian cities and Russian troops began advancing on Ukrainian territory, the majority of the world was in shock and disbelief. Companies based in Ukraine had to adopt their emergency plans.
Kyrrex is a digital bank and a regulated crypto-fiat ecosystem. Kyrrex’s R & D team in Ukraine was among many crypto exchanges in Ukraine that had to adapt to the new reality. Maintaining work during the active invasion was a difficult task to accomplish. Between the horrors of the occupation and the nerve-wracking news, everyone came together to fight for Ukraine’s future.
War and a business stability plan
The news of the potential Russian invasion began to arrive as early as December 2021. Despite the evasive nature of the potential full-scale war, many companies developed contingency plans that would support partial or full business stability. Kyrrex was no different in this regard. The company’s management developed a relocation plan for the team to Chernivtsi, a city located in the western region of Ukraine. The Kyrrex team remained online to support each other and joined voluntary initiatives immediately after coming to safety and rebuilding the workflow.
It is important to note that the location of Kyrrex’s headquarters is Malta, which is why the majority of the company’s teams were safe on EU territory. The Ukrainian R & D office moved to the western regions of Ukraine. Some team members decided to stay in Kyiv. The safety of these team members is still among the company’s priorities today.
Core operations and trends
The company continued to grow and expand, despite the ongoing war. On the one hand, the company cannot fail its customers all over the globe. On the other hand, the company continues its activities to support the Ukrainian economy.
Since the majority of the company’s users have not changed drastically since the beginning of the war, Kyrrex has not experienced a decline in trade. In fact, the monthly trading volume grew to the equivalent of $ 500,000,000. The company continued to report the highest trading volumes in Germany, Spain and Italy, which were also the most active markets before the invasion.
The KRRX token and stack coins have seen an increase in demand in response to economic volatility. The total volume of deposits of cryptocurrencies into Kyrrex accounts is almost three times the volume of withdrawals. Statistics also show that the volume of transactions in trade, exchange and other operations with cryptocurrency is increasing.
The KRRX token became popular due to its interactive capability with Kyrrex’s internal ecosystem and high deposit rates that peak at 14.5% annually. Similarly, BTC, ETH, USDT, TRX and XPR continued to show higher activity levels. Over the past two months, Kyrrex has seen an increase in the value of its first deposit. It signals that users from different parts of the world have begun to rely more on cryptocurrency as a transparent and secure financial instrument.
War, the global crypto community and Ukraine
The support of the international crypto community became invaluable for Ukraine’s ongoing struggle for freedom. Even before the war, cryptocurrencies worth at least $ 8.0 billion came in and out of the country’s markets. The community raised at least $ 65 million in support of the Ukrainian armed forces, refugees and displaced persons in the first month of the war. The support included direct donations, charitable sales of cryptocurrencies, the establishment of foundations and restrictions imposed on accounts that could help Russia avoid sanctions.
Kyrrex has donated over $ 100,000 since the beginning of the war and established the Kyrrex Charitable Foundation to support the armed forces and people fleeing the war zones. The company was among many who responded to the call for help and did everything in its power to maintain growth and development. The continued support from the crypto community will be significant in the coming months.
The struggle of the Ukrainian people continues as the defeat of hatred, darkness and violence will mean victory for the whole world.
About the author
Viktor Kochetov is the CEO and founder of the global financial ecosystem and the Kyrrex cryptocurrency exchange. Kyrrex is a crypto-fiat ecosystem that offers secure instruments for users who work with digital assets on a daily basis. Today, the main product is Kyrrex Crypto Exchange, where various cryptocurrency transactions are performed. The Kyrrex fiat ecosystem is now based in Malta, and operates worldwide.
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