War and crypto are the biggest stories coming out of Ukraine. Viktor KochetovCEO of Crypto Exchange kirex tells us how it has not only kept its financial ecosystem afloat, but has grown it while engulfed in war.
The morning of February 24, 2022, seemed like a parallel reality to many. As Russian missiles hit Ukrainian cities and Russian troops began to advance into Ukraine’s territory, much of the world stood in shock and disbelief. Businesses based in Ukraine had to create their own emergency plans.
Kyrrex is a digital bank and a regulated crypto-fiat ecosystem. Kirrex’s R&D team in Ukraine was one of several crypto exchanges in Ukraine that had to adapt to the new reality. It was a difficult task to maintain the work during the active offensive. Amidst the horrors of the occupation and the disturbing news, everyone came together to fight for the future of Ukraine.
war and a business sustainability plan
News about a possible Russian offensive began to arrive in early December 2021. Despite the elusive nature of a potential full-scale war, many companies developed emergency plans that would support partial or complete commercial stability. Kirrex was no different in this regard. The company’s management developed a relocation plan for its team to Chernivtsi, a city located in the western region of Ukraine. The Kyrrex team remained online to support each other and joined volunteer initiatives shortly after gaining security and rebuilding the workflow.
It is important to note that the location of Kirrex’s headquarters is Malta, which is why most of the company’s teams were protected in the EU region. Ukrainian R&D offices moved to the western regions of Ukraine. Some members of the team decided to stay in Kyiv. The safety of these team members remains one of the company’s priorities to this day.
Key Operations and Trends
The company continued to grow and expand despite the ongoing war. On one hand, the company cannot but disappoint its customers across the globe. On the other hand, the company continues its activities to support the Ukrainian economy.
Since most of the company’s users haven’t changed much since the start of the war, Kirrex hasn’t experienced a decline in business. In fact, the monthly trading volume increased to as much as $500,000,000. The company continued to report the highest trading volume in Germany, Spain and Italy, which were also the most active markets before the invasion.
There has been an increase in demand for the KRRX token and stablecoins as a response to the economic volatility. The total amount of crypto deposits in Kyrrex accounts is almost three times the amount of withdrawals. Statistics also show that trading, exchange and other operations with cryptocurrencies are increasing transaction volume.
The KRRX token became popular with Kyrrex’s internal ecosystem due to its interactive capability and high deposit rate peaking at 14.5% annually. Similarly, BTC, ETH, USDT, TRX and XPR continued to show higher levels of activity. Over the past two months, Kyrrex has seen an increase in first deposits. This indicates that users from different parts of the world have started to rely more on cryptocurrencies as a transparent and secure financial instrument.
War, the global crypto community and Ukraine
The support of the international crypto community has become invaluable to Ukraine’s ongoing fight for independence. Even before the war, at least $8.0 billion worth of crypto assets were entering and exiting the country’s markets. In the first month after the war the community raised at least $65 million in support of the Ukrainian Armed Forces, refugees and displaced persons. Support includes direct donations, charity sales of crypto assets, establishment of foundations, and limits imposed on accounts that can help Russia evade sanctions.
Kirrex has donated over $100,000 since the start of the war and established the Kirrex Charitable Foundation with the aim of supporting the armed forces and those fleeing war zones. The company was among the many who answered the call for help and did everything in their power to maintain growth and development. The continued support of the crypto community will matter in the coming months.
The fight for the Ukrainian people continues because 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 crypto exchange Kirrex. Kyrrex is a crypto-fiat ecosystem that provides secure tools for users who work with digital assets on a daily basis. Today, its main product is the Kirrex crypto exchange, where various cryptocurrency transactions are carried out. The Kyrrex-fiat ecosystem is now based in Malta, and operates worldwide.
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