Two days after Russian forces seized Ukrainian territory, the Ukrainian government requested cryptocurrency donations on Twitter, giving Bitcoin and Ethereum wallet addresses.
Ukraine’s Vice Prime Minister, Mykhailo Fedorov, verified the request for donations on Twitter and urged people to stand with the country.
In the time of need
Ukraine’s people need the world’s aid now more than ever. As the war between Russia and Ukraine rages on, the international community must unite behind the Ukrainian government in order to restore peace and stability to the Eastern European nation.
Every amount of cryptocurrency provided may benefit Ukrainians, proving that cryptocurrency is the future of financial giving.
Nonfungible token (NFT) firms, decentralized autonomous organizations (DAOs), and crypto fans all around the globe have led the movement to support Ukraine with donations of Bitcoin (BTC), Ether (ETH), Polkadot’s DOT, and even NFTs.
The flood of donations
Soon after Ukraine’s vice prime minister tweeted the government’s crypto addresses, the cryptocurrency began to pour into the Ukrainian government’s wallets at previously unknown rates. In reality, Ukraine ranks fourth on the Global Crypto Adoption Index created by analytics firm Chainalysis, which estimates that around $8 billion in bitcoin enters and departs the nation each year.
According to the New York Times, the daily amount of cryptocurrency transactions is about $150 million, which exceeds the volume of hryvnia interbank trades.
The Ukrainian government first raised $4 million, then $13 million, and finally $37 million by March. Within a few days, the Ukrainian government had raised more than $55 million in cryptocurrency. Ukraine’s government recently declared that it has received “near to $100 million” in crypto contributions, according to Alex Bornyakov, Ukraine’s deputy minister at the ministry of digital transformation and the country’s de facto crypto spokesperson. According to Cointelegraph, Ukraine exceeded $108 million a week ago.
This is obvious evidence that the crypto community is accomplishing precisely what it has been attempting to achieve since the beginning: transfer cash instantly, quickly, and inexpensively without the need of middlemen, as its users feel it is the right thing to do.
With its huge donations, the crypto community throughout the world has demonstrated its support for peace, stability, and, to be honest, the people of Ukraine.
During Europe’s awful crisis, we have witnessed how blockchain allows us to expand our efforts in ways that were just not feasible previously. The traditional methods of soliciting funds were time-consuming, costly, and sometimes fraught with fraud and corruption.
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