Brussels, Europe Brief News – In the recent few weeks, role of cryptocurrency in Russia-Ukraine War is gaining momentum. Bitcoin, Ethereum and other cryptocurrencies have been playing a critical role for Ukraine in the Russia-Ukraine war. Many donors have been using digital tokens to fund various war-related activities.
Role of Cryptocurrency in Russia-Ukraine War
According to Elliptic blockchain analysis company, more than 120,000 crypto asset donations have been received by the Ukrainian government worth $63.8 million since the Russian Invasion.
Alex Gladstein, Chief Strategy Officer said “ that’s going to top $100 million soon. It is a serious amount of money. As of the other week, it is more than what the UN had given”.
The Ukrainian government is accepting donations of bitcoin, Ethererum, Tether and dogecoin. Ukraine is using cryptocurrency funding to strengthen their position to fight against Russia.
The Ukrainian government is also one of the cryptocurrency-friendly organisations on earth. It ranks fourth in the world for cryptocurrency use.
On Tuesday, Aid for Ukraine launched its initiative to raise funds from the crypto community to fund humanitarian needs and aid Ukraine’s military.
The organisation is supported by the Ministry of Digital transformation of Ukraine, Crypto exchange FTX and Ukraine based Proof of stake provider.
Binance Donated millions
Cryptocurrency exchange Binance announced that it has donated more than $10 million to its Ukrainian emergency relief fund.
Not only this Binance has also launched a crypto-first crowdfunding site called Ukraine Emergency relief fund to enable people to donate crypto to provide emergency relief to refugees and to Support Ukrainian Military.
The top digital coins being used for Ukrainian donations are Ethereum (33.7%) Bitcoin (31.2%) and stablecoin (17%). Stablecoin is a digital currency backed by cash and therefore they are more stable than typical cryptocurrencies.
The average crypto donation to Ukraine is $95 but there have been some notable transactions. For example, one donation of $1.86 million appeared to come from the proceeds of the sale of NFT created by Julian Assange and the digital artist pak.
The drive for crypto Donations in Ukraine began Feb 26 when the Ukrainian government, NGOs and volunteer groups started posting for crypto asset donations.
Crypto assets to support the Ukrainian military are also being organised outside of Ukraine. UkraineDAO is a decentralised autonomous organisation that aims to raise ether to be donated to come back alive.
