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Ukraine government raises over $10 million in cryptocurrency donations

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Volodymyr Zeleskyy is the President of Ukraine and he holds a conference to discuss Russia’s military operations in Ukraine. It took place in Kyiv on Feb. 25, 2022.

Anadolu Agency | Getty Images

The Ukrainian government raised over $10 million through cryptocurrency donations. It turned to an unusual crowdfunding technique to get past a Russian invasion.

Official Twitter accounts of the Ukrainian government posted Saturday addresses for 2 crypto wallets. The first accepts Bitcoin only. bitcoinAnd the other. etherTether is a token which measures the U.S. dollars’ value.

These wallets attracted $10.2million worth of crypto as of Sunday according to the website. researchElliptic is a blockchain analytics firm. This is on top of everything. millions in digital currencyDonated to the Ukrainian Military Support Organizations

Elliptic claimed that $1.86million was raised by the sale or NFT (non-fungible token), which originally served to finance WikiLeaks founder Julian Assange.

These NFTs can be found here unique digital assetsThis is a representation of ownership for virtual items such as artwork, videogame characters or videos.

It is clear that Ukraine turned to crypto during Russia’s offensive on the country. This was evident in this development.

Since 2018, Come Back Alive has been accepting crypto donations. This NGO supplies equipment for the Ukrainian military. The NGO, Come Back Alive has received crypto donations in the millions since 2018.

According to Elliptic the sum of crypto donations for the Ukrainian government as well as NGOs supporting its military are now $16.7 Million

Elliptic chief scientist Tom Robinson said that Bitcoin has emerged as an alternative to crowdfunding in Sunday’s blog. These allow for quick cross-border donations and bypass any financial institutions that may be preventing payments to the groups.

Come Back Alive featured its Patreon fundraising page suspendedThis week the company stated that it does not permit any violence campaigns or purchase of military equipment. Patreon users can receive a monthly income from paid subscriptions.

In the beginning, the Ukrainian military stated it would not accept digital currency on bitcoin. The government later posted a statement saying that the “national legislation” does not permit the Ministry of Defense of Ukraine use any other payment system (‘Webmoney,’ ‘Bitcoin or PayPal,’ etc

However, it appears that the government has relaxed their stance.

On Sunday, the Ukrainian Minister for Digital Transformation Mykhailo Federorov also called upon major crypto exchanges not to pay Russian users.

Fedorov posted, “It’s vital to freeze not just the addresses connected to Russian and Belarusian political figures but also to sabotage common users.”

On Saturday, the U.S. and its European allies will be joined by Canada agreed to remove certain Russian banks from SwiftInterbank messaging system. The two sides also agreed not to allow Russia’s central banks to use its international reserves in a way that could undermine sanctions.

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