EMEA Daily: Ukraine Receives $20M in Bitcoin, Ethereum Donations; Volocopter Raises $170M for Air Taxi

In today’s top Europe, Middle East, and Africa news, bitcoin and ethereum investors donated $20 million to Ukraine in the wake of Russia’s invasion of the country; and German aircraft maker Volocopter has raised $170 million in a Series E funding for its electric passenger air taxi.

Plus, Sary, the B2B eCommerce marketplace, has acquired Mowarrid, a B2B food and grocery marketplace in Egypt; cross-border B2B transactions account for 26% of U.K. and U.S. businesses’ annual sales; and Antti Arponen, CEO of UAE-based digital payments provider Pyypl told PYMNTS there is still a need for mobile money providers to meet consumers in developing regions.

Ukraine Receives $20M From Bitcoin, Ethereum Donors

Ukraine’s government has received $20 million in donations in bitcoin and ethereum in the wake of Russia’s invasion of the country.

The donations consisted of $9.4 million in bitcoin contributions and $10.6 million in ethereum.

These donations are part of a wider wave of cryptocurrency contributions to help Ukraine as Russia’s invasion continues. Blockchain analytics platform Elliptic said the Ukrainian government has raised $35 million through more than 35,000 crypto donors.

Helicopter Taxi Company Volocopter Raises $170M in Financing Round

Volocopter, an aircraft manufacturer that calls itself a pioneer in urban air travel, has raised $170 million in a Series E funding round. The German firm said the cash will be used to help license Volocopter’s electric passenger air taxi and make it available for commercial launch in cities worldwide.

Volocopter is developing what it calls new and sustainable mobility options. Its family of aircrafts incude the VoloCity, VoloConnect, and VoloDrone.

Sary Expands to Africa With Acquisition of Egyptian B2B Platform Mowarrid

B2B eCommerce marketplace Sary has acquired Mowarrid, a B2B food and grocery marketplace in Egypt.

The deal represents a strategic move for Sary’s expansion into North Africa, where it plans build a regional network, the company said. Mowarrid, with more than $60 billion in revenues, represents a great opportunity for Sary, the company added.

Cross-Border B2B Payments Account for 26% of UK and US Firms’ Annual Sales

Business-to-business (B2B) commerce is going online and going global. The B2B space’s steady trend toward digitization is continuing and has accelerated over the two years of the pandemic.

B2B commerce is also expanding globally as firms look to grow by moving into additional markets. In fact, cross-border B2B transactions account for 26% of U.K. and U.S. businesses’ annual sales, according to Innovating B2B Payments, a PYMNTS and i2c collaboration.

Proof-of-Work Ban Removed from Europe’s Proposed Crypto Reg

A phrase that threatened to ban crypto companies from relying on energy-intensive proof-of-work (PoW) mining has been removed from the Markets in Crypto Assets (MiCA) proposal, legislation crafted to regulate Europe’s cryptocurrency sector.

The European Parliament was expected to approve the proposal in February, but the vote was postponed after cryptocurrency industry advocates raised objections.

Russia Offers Fast Bankruptcies to Firms Leaving Country

Foreign businesses that want to get out of Russia can either receive fast-track bankruptcy protection or turn their operations over to local managers.

Dozens of multinational firms have suspended operations in Russia amid sanctions imposed on the country because of its invasion of Ukraine.

German Shoe Giant Snipes Growing US Footprint

German footwear and streetwear retailer Snipes’ U.S. expansion plans continued this week when it acquired Expressions, a sneaker company based in New England.

The acquisition gives Snipes ownership of Expressions’ 35 stores in Connecticut, Massachusetts and Rhode Island, according to published reports. The companies did not release the terms of the deal.

Pyypl CEO Makes Case for Blockchain When Sending Cross-Border Payments

Millions remain excluded from mainstream formal financial markets in emerging and developing markets. But the rapid rise in internet and smartphone adoption has led to a boom in mobile money service, accelerating progress toward universal financial access and helping to increase the number of banked populations in these developing regions.

Despite the considerable progress made, Antti Arponen, founder and CEO of United Arab Emirate-based digital payments and financial services provider Pyypl, told PYMNTS there is still a need that mobile money providers or banks have not been able to meet for consumers in these developing regions.