Ukraine has collected more than $54 million in cryptocurrency donations to support it in the war against Russia, according to CNBC. Bitcoin and Ethereum donations have flowed into Ukraine as the war enters. With Russia its second week.
Since the invasion of Ukraine on February 24, more than 102,000 donations of crypto assets, totaling $54.7 million, have been sent to the Ukrainian government and Come Back Alive, an NGO that provides support to the military, according to new data from the company. Elliptic blockchain analytics.
One of the $5.8 million donations came from computer scientist Gavin Wood, founder of the lesser-known cryptocurrency called polkadot.
Ukraine's government Twitter accounts had started asking for crypto-asset donations for the first time after the country's central bank cracked down on money transfers after declaring martial law nationwide.
Cryptocurrencies such as bitcoin are becoming more popular as they allow users to bypass financial institutions that may block payments to Ukraine.
Dylan Schultz, who runs Lavender.Five, a service that verifies crypto transactions, explained to the Guardian: “Firacial currency donation needs intermediary organisations, you can’t donate US dollars directly, you first need to transfer it in some way, or Find a broker. Cryptocurrencies solve this problem by simplifying the process. If you have the charity's address, you can simply enter the address, enter the amount you want to donate, and hit submit.
Some cryptocurrency donations have already been converted into traditional currency, primarily euros, according to Kuna.io, the Kiev-based cryptocurrency exchange that has helped the government set up and manage its own cryptocurrency wallets for donations, quoted in The Washignton. Post. The money was used to purchase vital supplies such as drones, bulletproof vests, temperature-sensitive goggles and petrol, from both government agencies and the private sector.
None of the more than 180 donated digital artworks, known as non-fungible tokens (NFTs), were sold, according to data from the blockchain website.
We can't buy nuclear bombs or missiles, but we can buy most non-lethal things with cryptocurrency," said Michael Chobanian, CEO of Kuna.io.
Cryptocurrencies may open new doors of money for a country in a big war, but their numbers pale in comparison to the cash flow into the country from international allies such as the United States.
The White House has authorized $350 million in military aid to Ukraine, and at the same time, the Biden administration is asking Congress for $10 billion in immediate emergency aid to boost humanitarian supplies, security forces, and the economies of Ukraine and its partners in Central Europe.
USAID pledged another $54 million in humanitarian aid to Kiev.
