Crypto investors chip in close to $100M in donations for Ukraine

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On Thursday, March 10th, Ukraine has received crypto donations that reportedly totalled $100 million amidst their war with Russia. 

This cryptocurrency news was brought to us by Ukraine’s deputy minister, Alex Bornyakov during an emergency online briefing held earlier that day called ‘Digital Resistance: How Ukraine Is Leveraging Technology to Fight for Freedom’.

Out of the $100 million cryptos donated to the country, around $60 million and more were from the Ukrainian crypto exchange, Kuna. These donations were utilised to help the country recover from the war, sustain the army’s equipment and more. Moreover, the deputy minister stated in an interview with CoinDesk that the funds were used in essentials such as fuel and food.

Bornyakow then thanked everyone who donated in a tweet he made the following day which stated:

‘Crypto assets proved extremely helpful in facilitation of funding flows to the Armed Forces of Ukraine. Huge thanks to everyone who donated to the Crypto Fund of Ukraine. Every helmet and vest bought via crypto donations is currently saving Ukrainian soldiers’ lives.’ Additionally, the remainder of the donations were reportedly allotted to smaller funds.

Ukraine’s turn to cryptocurrency for financial aid was caused by Russia’s efforts to threaten the country’s financial system. This way the country can receive aid in a decentralised method which eliminates the fear of surveillance.

Bornyakow also chatted with CoinDesk where he was asked about President Volodymyr Zelensky’s standpoint on cryptocurrency’s role during the war. Although the president wasn’t there, the deputy minister ensured that they have the total support of the president by this point, adding that crypto can be a major economic breakthrough during trying times.

As of today, the Ukraine government accepts donations in the form of the following cryptocurrencies:

  • Bitcoin
  • Ethereum
  • Polkadot
  • Dogecoin
  • USDT.

In terms of their plans regarding Russia, Bornyakow continues to call out and request digital asset businesses to cut their ties with Russian users. This step is part of something huge planned by Ukraine which aims to eliminate Russia from the global financial system.

For more on the latest cryptocurrency updates, feel free to read our other articles here at BTC post!

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