Crypto platform Simple.app pilots new solution for sending money to Ukraine
The ongoing war in Ukraine has made financial services inaccessible for many, exacerbating the need for a low-cost, efficient solution. International money transfers have long been a challenge for anyone who needs to send money from one country to another. Traditional banking systems are slow and expensive because many banks don’t have a direct relationship with each other, so they have to charge high processing fees or use an intermediary to complete a transfer. The multi-step process can take days or even weeks to complete a transfer. This makes it increasingly difficult for people to pay for expenses abroad or send money to loved ones who may be in a time crunch. The situation has since been exacerbated by the ongoing war in Ukraine. As the war intensifies, an estimated 8 million Ukrainians have been forced to flee their homes, leaving them without access to basic necessities, including financial services. In many cases, traditional banking systems are nonexistent or disrupted, mak...