Cryptocurrency has become a much sought-after vehicle to assist war-hit Ukraine. Amidst the mindless devastation, the only silver lining has been the global response toward Ukrainians. So far the nation had received more than $100 million in cryptocurrency donations.
On 17th April, Mykhailo Fedorov, vice prime minister and minister of digital transformation of Ukraine, expressed his gratitude to those donating to the charity Aid for Ukraine, tweeting:
“Crypto for good. Aid for Ukraine continues its work for the frontline heroes: 200 sets of ballistic plates of 4 class for bulletproof vests have been sent. The better-equipped soldiers — the sooner day of Ukrainian victory.”
Just a few days after the Russian invasion started, the Ukrainian government hastily authorized Aid for Ukraine, a decentralized autonomous organization [DAO] partnering with blockchain firm Everstake and crypto trading platform FTX, to collect digital assets for the defense effort.
As per sources, Fedorov asked his deputy to set up official government wallets that could accept payments in digital assets, a plan that eventually led to the Aid for Ukraine website, which now accepts donations in nine cryptocurrencies including bitcoin, ether, tether, Solana, and dogecoin.
Financial Times revealed that the Ukrainian government had spent half of more than $100 million in crypto fundraising as of March 19, to buy thousands of bulletproof vests, food rations, helmets, and medical supplies intentionally choosing to spend the funds on non-lethal equipment, to avoid losing future donors.
Crypto donations continue to pour
Earlier TronWeekly reported on UNHCR, the UN Agency for Refugees, on accepting its first stablecoin crypto donation of $2.5 million contributed by Binance toward supporting individuals displaced from Ukraine due to the Russian invasion.
More than 10 million Ukrainians have been forced to flee from their home country since the war began. Roughly 4 million of them have managed to make it safely to neighboring countries like Poland, Moldova, Romania, and Hungary, while millions more have been pushed out of their homes but remain inside the war-torn nation.
Alex Bornyakov, deputy minister of Digital Transformation of Ukraine recently updated that the government has spent about $41 million on items such as bulletproof vests, helmets, and medical supplies to date.