A report revealed Ukraine received millions in donations from crypto donors worldwide since the beginning of its conflict with Russia.
A blockchain data platform has released a surprising report, which revealed that Ukraine received huge sums of crypto donations from donors around the world after the start of its conflict with Russia. The donations summed up to over $70 million in crypto, which consisted of $28.9 million worth of ETH, $22.8 million of BTC, and $11.6 million of Tether. Other cryptos also contributed to the donations.
Ukraine received donations in terms of non-fungible tokens as well, where in one instance, the NFT of the Ukrainian flag had sold for $6.1 million. The donations that Ukraine received significantly helped the country in the conflict, which was confirmed by Ukrainian minister Alex Bornyakov. Most of the donations were received in the early phases of the conflict.
“If we used the traditional financial system it was going to take days […] We were able to secure the purchase of vital items in no time at all via crypto, and what is amazing is that around 60% of suppliers were able to accept crypto, I didn’t expect this,” said Alex Bornyakov, also adding that the Crypto Fund Aid For Ukraine helped them tremendously and he was surprised by the donations that came through and the ease with which the digital ministry of Ukraine processed those.
Ukraine’s vice prime minister, Mykhailo Fedorov, had earlier mentioned in a tweet that most of the donations Ukraine received were used for arms procurement, armor clothing, medicines, and military vehicles. Ukraine’s dependence on crypto has also increased crypto adoption in the country. Though pro-Russian groups have also received considerable crypto donations, the figures have dropped significantly at present.