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Home News

Ukraine uses 69% of donated Cryptocurrency for Military supply

CoinWist by CoinWist
March 8, 2022
in News, Bitcoin, Ethereum, Social Proof, Twitter
Reading Time: 4 mins read
Ukraine

Cover Art: CoinWist Team

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In the past week, Ukraine has already raised nearly an amount of $53 million worth of cryptocurrency. Most of the funds have been used for Military supply and health care needings of refugees.

Since the war begin Ukraine government started accepting Cryptocurrency as donations. From this case, cryptocurrency donations came from all over the world. According to Mykhailo Fedorov, the vice prime minister of Ukraine tweeted, At the end of Friday the Ukrainian government raised an amount of $50 million in cryptocurrency within one week.

Crypto Donations: #Ukraine #Binance – $10M#UkraineDao – $3M
Crypto Community – $20M#FTX – $25 for each Ukrainian on FTX pic.twitter.com/7imhTaUw8j

— CoinWist (@CoinWist) February 28, 2022

Most of the donations were in Bitcoin and Ethereum. Furthermore, he claimed that their target is to double the amount to the $100 million mark.

The Crypto Fund of Ukraine raised $50M in crypto in a week to support #Ukraine 👊🏻 An incredible unity before Putin's encroachment on freedom and democracy. Aiming for $100M this week. We WILL win! 🇺🇦 #StandWithUkraine

— Mykhailo Fedorov (@FedorovMykhailo) March 4, 2022

The amount of donated cryptocurrency amount is mentioned…

🇺🇦 Ukraine government donations:#Bitcoin 254#Ethereum 6,643#Tron 64,502#Polkadot 81,798#Dogecoin 717,469 pic.twitter.com/SNum0KHrWI

— CoinWist (@CoinWist) March 6, 2022

Furthermore, the vice prime minister stated that they have found suppliers from USA and Europe to support the army including vests, food, health equipment, and medical team support.

In addition, he said they all have to accept cryptocurrency as payments to their supplying goods.

Some NGO s and aiding activists will be paid with crypto converted in dollars and euros. The Ukraine government is also working with two companies to launch a non-fungible toke (NFT) collection to raise more additional funds.

However, someone has donated a Cryptopunk. Alex Bornyakov, The Deputy Minister of Digital Transformation of Ukraine mentioned in a Twitter post that the donated Cryptopunk was worth around $150k.

On 03/01, someone donated a #cryptopunk No. 5364 by @larvalabs to Ukraine.

It’s 56 #ETH (around $150k).

People ask if it helps. Two points. 1 — it’s hard to cash it out. 2 — it’s a big deal since it engages more people who belong to the community. Thank you, #cryptofolks!

— Alex Bornyakov (@abornyakov) March 5, 2022

In the beginning, Ukraine only accepted Bitcoin and Ethereum but no they are looking to expand it more. they have already added Polkadot, Solana, Tether, Tron. Dogecoin and recently they have added Monero.

You can now support #Ukraine via donations to the official Ukrainian @Monero #XMR wallet —

42HKMWrDzCt45jAp9g5SBe1AJbnBwgUpY8nNfaG6g2T1ZLQpMesUsX1HzZwhuX4CCH7T5ew8AhBPNDXfHNU9xN77N232aap#StandWithUkraine

— Alex Bornyakov (@abornyakov) March 6, 2022

Furthermore, Alex Bornyakov stated that they have used 69% percent of donations to Military support.

.@CrystalPlatform states that the total number of #crypto donations to Ukraine in light of the russian-Ukrainian war is $53+ million (as of March 3), where:
– 69% or $36,188k was sent for army support;
– 19% or $10,141k — humanitarian help;
– 12% or $6,532k — general aid.

— Alex Bornyakov (@abornyakov) March 4, 2022

Ukraine’s government has partnered with many crypto exchanges for its government cryptocurrency monitorization. especially suspicious or illegal transactions will be monitored.

.@Ukraine Deputy Minister of Digital Transformation @abornyakov on crypto donations: “We partnered with a private exchange which helped us dealing with security, exchange matters. And because we don’t want our money to be stolen… the infrastructure has to be built to operate.” pic.twitter.com/aLMQmR08MB

— Yahoo Finance (@YahooFinance) March 7, 2022

 A crypto payment processor Coingate and International Business Settlement (IBS) had partnered with the National Bank of Ukraine (NBU) to support sending more donations to Ukraine by using 70 different crypto assets.

The government and Coingate are recently working on it. Moreover, international payments firm international Business Settlement (IBS) have joined Ukraine government in supporting the conversion of crypto donations into euros and sending the converted money into a special donation account that has been set in the central bank.

However, the Ukrainian government has mentioned the way cryptocurrency is helping them a lot. It cant be regulated by anyone and its internationally recognizes and used, So it is easy for Ukraine to keep its supply chain and goods.

Tags: bitcoinCryptocurrencyEthereumMarket StoriesUkraine
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