You might not hear it in the mainstream media but Cryptocurrencies have played a pivotal part in the battle in Ukraine. They have helped assist the government in raising millions of money to help resist the Russian invasion. Why has Ukraine turned to cryptocurrencies, and could this be a defining moment in showing that cryptocurrencies can be used for the purpose of good?
How Much Crypto Has Been Raised?
Ukrainian officials released addresses for two crypto wallets on their Twitter accounts at the start of the crisis, offering donors a direct address to which to make donations.
Only four days after the invasion began, the wallets gathered more than $10.2 million (9.2 million euros). Since then, more than $100 million in cryptocurrency has been collected, with Michael Chobanian, the founder of Ukrainian cryptocurrency exchanges Kuna, accounting for 60% of all donations.
“We’re still gathering cryptocurrency. It will be used to purchase items such as daily rations, bullet-proof vests, and helmets “.
Initially, two funds were established, one for humanitarian objectives and the other for military support in Ukraine. The funding was pooled and focused only on assisting the military after the fighting in Ukraine escalated, according to Chobanian.
Why Crypto Donations Are Important
Crypto donations are valuable to the people of Ukraine as for these particular purposes they can withdraw these funds and use them as cash to help protect themselves. Crypto donations are also anonymous so you don’t have to worry about the money being linked back to you.
The speed of the transfers is an additional benefit of donating Bitcoin. Validation of bank wires between two countries can take up to 24 hours. Cryptocurrency transfers, on the other hand, are usually instant and this is a huge benefit in these desperate times.
Aside from official and non-governmental fundraisers, a variety of private organizations and artists are working to raise funds and awareness about the situation in Ukraine.
Non-Fungible Conference, for example, will display a “live” NFT artwork to generate funds for Ukraine’s displaced children. In just three weeks, 38 artists came together to create ‘Mariupol,’ a horrifying depiction of residents being bombed in Ukraine’s hardest-hit city.