Bitcoin donations were flooding in to the Ukrainian military following Russia’s heavy artillery attack on the country on Thursday 24 February.

Elliptic blockchain analytics company reported about Ukrainian NGOs and volunteer groups using cryptocurrency to crowdfund Ukraine’s armed forces. In 12 hours, almost $400,000 in was donated to ‘Come Back Alive,’ a Ukrainian non-governmental organization that supports soldiers in the war against Russia. Within one day the total reached $4,000,000.

Crypto funds are used to provide military equipment and medical supplies for the Ukrainian Army. They also fund the development of facial recognition apps that can be used to identify Russian spy spies.

The Cryptocurrency is a powerful tool for crowdfunding war

The number of cryptocurrency funds in Ukraine is still small. Most fundraising campaigns are held using traditional payment methods. Yet it’s one of the best methods as crypto provides more fluid and faster overseas transactions. Financial institutions are able to close funds linked to fundraising in certain cases. This is something Elliptic claims could not happen with crypto.

“Some of the Ukrainian volunteer groups and NGOs accepting crypto donations have very close links to the Ukrainian government – and this adds to a trend of nation states turning to cryptoassets as a means of raising funds.”

Since the invasion began, crypto donations have reached $4 million. Just minutes ago, a single $3 million donation was made in #bitcoin. Live updates on the @elliptic blog: https://t.co/t9R5KMKwGF

— Tom Robinson (@tomrobin) February 25, 2022

Flipside

• Ukraine was officially recognized last week Legalizationcryptocurrency. Ukraine is one of five most popular countries with crypto-traders.

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