Donations are being channeled through cryptocurrencies to the Ukrainian Army. bitcoinThese are worth millions. according to new dataElliptic is a blockchain analytics firm.

According to research, $4.1 Million in cryptocurrency has been raised in Ukraine by volunteer and non-governmental groups since the invasion began. This includes a $3 million donation on Friday.

A single NGO had received more than $675,000 in bitcoin Thursday, and that amount has risen to over $3.4million Friday morning thanks to that $3 million gift.

Over the past years, volunteers have been a key part of the Russia-Ukraine conflict. These groups They have provided additional personnel and resources to support the military of Ukraine. For example, thousands of volunteers organized to help protestors when Viktor Yanukovych, Ukraine’s proRussian president, was removed in 2014.

These funds are typically received from private donors via bank wires, payment apps or mobile banking. But cryptocurrencies, such as Bitcoin, have become an alternative method of funding. They allow quick and cross-border donations, bypassing financial institutions which could block Ukraine payments.

“Cryptocurrency is particularly suited to international fundraising because it doesn’t respect national boundaries and it’s censorship-resistant — there is no central authority that can block transactions, for example in response to sanctions,” said Tom Robinson, Elliptic’s chief scientist.

Activists have deployed the crypto for a variety of purposes, including equipping the Ukrainian army with military equipment, medical supplies and drones, as well as funding the development of a facial recognition app that identifies if someone is a Russian mercenary or spy.

Robinson from Elliptic stated that “Cryptocurrency has been increasingly being used for crowdfunding war, with tacit approval by governments.” Robinson said. Elliptic sells Blockchain analytics tools to banks, as well some of the most popular cryptocurrency platforms such as Binance, Circle, and Circle.

Come Back Alive (a group that accepted cryptocurrency) provides equipment, medical supplies, and training services to the military. This group funded development of a drone-based targeting and reconnaissance system for Ukrainian artillery unit.

Some other groups have also requested crypto assets donations to help support the Ukrainian resistance efforts, like nonfungible tokens (NFTs) or notfungible tokens.

Ukraine’s central bank cracks down on digital money transfers in connection with a nationwide declaration of martial law — and Moscow unleashes airstrikes and ground troops — some Ukrainians are also turning to cryptocurrencies.

Kuna, an eminent Ukrainian cryptocurrency exchange, has shown that buyers in the country are willing to pay more for Tether’s USDT stablecoin. The price is tied to the U.S. dollars.

We don’t believe in the government. We are not confident in the banking system. In an interview, Michael Chobanian (founder of Kuna), stated that we don’t trust local currencies. with Coindesk. “The vast majority of people don’t have any other options than crypto.”