Millions in cryptocurrency donations pour into Ukraine following public appeal

Millions in cryptocurrency donations pour into Ukraine following public appeal

The Ukrainian government issued a direct appeal for cryptocurrency donations during the weekend, as the invasion by Russia’s military continues. A blockchain analysis company revealed that the Ukrainian government, along with non-governmental organizations and volunteer groups have raised the money by advertising their Bitcoin wallet addresses online.

Over $10 million in crypto raised for Ukraine

The Ukrainian government tweeted on Saturday that it is now accepting cryptocurrency donations in Bitcoin, Ethereum and USDT. According to the Ukrainian Digital Ministry, the call for donations is to help Ukraine’s armed forces.

The official Twitter account of the Ukrainian government posted two addresses for accepting donations in digital assets, one that accepts only Bitcoin, and the other taking Ether and stablecoin Tether.

Over 4,000 donations in cryptocurrencies have been made so far, with an unknown donor gifting Bitcoin worth $3 million to an NGO. Over $3.5 million has been received in the government’s BTC address.

The Ethereum address has received over $5 million in ETH and $1.3 million in other crypto assets, including USDT.

So far, the Ukrainian government has rained over $10 million in cryptocurrency donations, according to blockchain analytics firm Elliptic. 

Around $1.86 million of the money dated to the government of Ukraine was generated through a sale of a non-fungible token (NFT) that was originally intended to raise funds for Julian Assange, the WikiLeaks founder.

According to OpenSea data, a number of NFTs have also been noted to the Ukrainian government.

According to Tom Robinson, chief scientist at Elliptic, cryptocurrencies such as Bitcoin have emerged as “an important alternative crowdfunding method.” The new asset class allows efficient cross-border donations, bypassing financial institutions that might block payments to these groups.

This comes at a time where Come Back Alive, an NGO that provides equipment to the military in Ukraine, which accepts crypto donations had its Patreon fundraising page suspended due that the campaign being “involved in violence or purchasing of military equipment.”

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Original Source :fxstreet.com

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