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- Ukrainian army, has collected more than $400,000 worth of digital tokens in the last day. The average donation is between $1,000 and $2,000, and the organisation has received at least 317 individual contributions in the last two days.
- Fears of a Russian invasion of Ukraine have caused cryptocurrency prices to drop in the last two weeks; the market has lost $150 billion in value since Putin authorised Russian military to attack Ukraine early Thursday morning Moscow time.
- NGOs and volunteer groups using crypto crowdfunding to aid Ukraine’s war effort against Russia raised over $570,000 in the last year, which went to the Ukrainian army, cyber activists, and other organisations.
Cryptocurrency donations have poured in for the Ukrainian army in the last 24 hours as Russian forces continue to strike the country.
The Organisation Has Received At Least 317 Individual Contributions In The Last Two Days
According to analysis from blockchain and crypto analytics firm Elliptic, Come Back Alive, a Ukrainian nongovernmental group that generates crypto donations for the Ukrainian army has collected more than $400,000 worth of digital tokens in the last day. The average donation is between $1,000 and $2,000, and the organization has received at least 317 individual contributions in the last two days. According to Jess Symington, Elliptic’s head of research, incoming donations haven’t stopped and the firm expects the amount to rise by tomorrow. She claims that pro-Ukraine and pro-crypto communities on social media sites like Twitter and Facebook have aided the recent surge in donations.
However, bitcoin donations to fund pro-Ukraine movements aren’t restricted to the last few days. According to a Feb. 8 report by Elliptic, NGOs and volunteer groups using crypto crowdfunding to aid Ukraine’s war effort against Russia raised over $570,000 in the last year, which went to the Ukrainian army, cyber activists, and other organizations. The analytics business claims to have tracked donations by identifying the various groups’ bitcoin wallets. According to Elliptic, the rise in cryptocurrency donations indicates that digital assets have developed as a key alternative funding channel, allowing international contributors to bypass financial institutions that are restricting payments to these groups.
Pro-Russian and pro-Ukrainian parties both launched crypto crowdfunding initiatives when Russia took a part of Crimea—then a Ukrainian territory with a predominantly Russian population—in 2014, but the sums raised were not significant, according to Symington. Crypto adoption has exploded in Ukraine and Russia since then. Ukraine becomes one of the most popular cryptocurrency jurisdictions in the world. According to research released in October 2021 by blockchain data firm Chainalysis, the country ranks fourth in the globe in terms of crypto usage, with $8 billion traveling in and out of the country each year.
ALSO READ: Billions lost in crypto market post Russian invasion of Ukraine
The Market Has Lost $150 Billion In Value
Last week, the Ukrainian government enacted a law to legalize cryptocurrencies, the first step toward establishing a regulatory and administrative framework for digital assets. Fears of a Russian invasion of Ukraine have caused cryptocurrency prices to drop in the last two weeks; the market has lost $150 billion in value since Putin authorized the Russian military to attack Ukraine early Thursday morning Moscow time.
Ukraine’s Ministry of Defense established a special bank account to accept donations for its troops on Wednesday. Nonetheless, the Ministry stated that it can only accept fiat currency payments and is unable to accept donations made through cryptocurrencies or other payment systems such as PayPal.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
