Ukraine Crisis
Crypto pours in to help Ukraine’s war effort
Cryptocurrencies have taken on an unprecedented role in the war in Ukraine, helping the government raise millions of dollars to fund its fight against the Russian invasion.
As Russian forces amassed on it’s borders, Ukrainian officials posted addresses for two crypto wallets on their Twitter account.
Since then, more than $100m worth of crypto has been raised.
“We are still collecting crypto. It is being spent on aid like daily rations and bullet-proof vests and helmets,” the 37-year-old Ukrainian told AFP.
Humanitarian funds
Initially, two funds were set up, one for humanitarian purposes and the other to support the Ukrainian military.
However, after the violence escalated across Ukraine, the funds were merged and focused fully on supporting the military, said Chobanian.
He said that the majority of crypto donations came in the form of Bitcoin, Ethereum and the stablecoin Tether – a coin pegged one-to-one to the dollar.
US crypto charity, The Giving Block, says cryptocurrency donations have the potential to attract “younger donors” who are looking to support various causes.