Russia’s invasion of Ukraine touches many aspects of the digital asset industry. On the one hand, Ukrainian authorities and resistance fighters are using cryptocurrencies to fund their defense of the country. Western countries, individual donors, and charities are also working to reach Ukrainians in need.
On the other hand, the Russian invasion of Ukraine has prompted investors to rethink the role of digital assets in the global economy. Russians and their financial services providers are showing interest in digital assets like Bitcoin in light of the ruble’s collapse. And there has been speculation about whether Russian institutions and oligarchs are considering cryptocurrencies as a way to protect or move their assets to avoid sanctions.
PointPay blockchain-based bank is a global company with many founders, employees, and users in Western Europe, especially Ukraine. Vladimir Kardapoltsev told CoinDesk how the PointPay company was affected by the Russian-Ukrainian conflict.
Vladimir, who serves as PointPay’s chief executive officer, handled business growth, acquisitions, new hires, strategic leadership, and trying to make the company more stable. But the conflict has stymied PointPay’s promising growth. Now Kardapoltsev must navigate PointPay through a serious conflict in Europe.
PointPay, a blockchain-based bank, has grown to 150 employees in a year. Its employees are located in a block of countries with varying degrees of stability. Earlier this year, PointPay faced a geopolitical incident in the form of large protests in Kazakhstan over gas prices that threatened to separate five employees from the company.
PointPay’s CEO began making contingency plans in case a similar crisis occurred in another region, such as Ukraine:
“In the beginning, at the end of January, we were anticipating that because (U.S. President Joe) Biden was saying that the attack on Ukraine and the invasion of Donbas (a region in eastern Ukraine) was inevitable, we should be proactive.”
The conflict-affected staff living near the Donbas, Kyiv, and in the western parts of the country. Fortunately, most of the women in the company managed to escape. Some men were able to leave the country. Furthermore, several PointPay employees decided to leave the company due to the anti-Russian sentiment, while others were so traumatized by the events that they took two months off.
Although PointPay has been distressed by the conflict, the company has been able to maintain operations and tries to grow. For more details, read the full CoinDesk interview at this link.
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