Ukraine raised around $52 million as a crypto donation to meet military requirements. It deployed almost $14 million in its fight against the Russian invasion.
$52 Million Raised by Ukraine Government
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The Ukrainian government received more than $52 million in crypto donations. It has spent more than $14 million on its military equipment and support for soldiers. Food requirements, tools, and equipment are the need of the hour in Ukraine. Crypto donations are pouring in from all directions to support Ukrainian military needs.
A report from Elliptic blockchain analytics states that Ukraine received crypto funds of more than $52 million to meet its military requirements.
Ukraine receives crypto money as funds. The government is accepting donations to counter-attack the Russian invasion. Ukraine is a small country but stands boldly against the Russian attack.
On February 26, Russia started its invasion of Ukraine. Russian President Vladimir Putin sent his troops into Ukraine on Thursday. The war is on for almost a week. It is a relentless war as Russia fires missiles at Kyiv and Kharkiv. The military operation brings tragic development in Ukraine. Many civilians lost their lives and buildings burnt down with the Russian airstrike.
Ukraine President Volodymyr Zelenskyy spoke with US President Joe Biden, thanking him for his support. He also addressed the European Parliament for being with his country during this crisis.
Ukraine Accepts Crypto Donations
Ukraine is accepting a number of cryptocurrencies as a donation. Bitcoin, Ethereum, Solano, Tether, and Dogecoin are some of the crypto assets that the government receives. The government is now accepting more cryptocurrencies in its fight against Russia. It will help us to withstand the Russian attacks, say authorities.
Vice President Mykhailo Fedorov tweets that even meme coin Dogecoin supports the Ukraine army. The Russian Rouble is dwindling in value as the war rages on. Doge prices are more than that of the Russian Rouble, states Fedorov.
Uniswap is another crypto exchange that is lending a helping hand to Ukraine. People can convert their Ethereum asset into Ether on their blockchain platform to send it to Ukraine as a donation.
Fedorov appreciated a $5 million Polkadot $DOT contribution from the Polkadot blockchain platform founder.
Solana and NFTs
The Ukraine government collaborated with Everstake and Solana blockchain platform to raise funds for the country, says Fedorov. Nonfungible tokens are also accepted as donations.
Kuna is a Ukrainian crypto platform, and more people are using it in Ukraine during these days of the war. Kuna reached its highest level last week as users prefer cryptocurrencies as an investment. The crisis has brought down the value of the Ukrainian currency.
The crypto market has a steep learning curve, and new users cannot enter the market when there is a war. However, those who already own crypto are able to protect their wealth. They are converting their fiat currencies into crypto to store their wealth. Unique art pieces are sold at high value for donation purposes to Ukraine. NFTs are unique digital art pieces that use blockchain technology to store and track them.
Russia Receives Crypto Funds
Russia is also receiving crypto donations. Cryptocurrencies are very popular in Russia, and Russia is the third-largest in crypto mining. Crypto funds play an important role in Russia too. Russia used crypto in the 2014 attacks against the Crimean Peninsula, and now against Ukraine.
The US and the European countries raised economic sanctions against Russia to bring the war to an end. Now Russia can overcome the sanctions through crypto donations.
It is easy for Russia to evade the economic sanctions imposed by the Western countries.
Top Cryptocurrency Prices
Bitcoin and Ethereum are easily transferable and helpful in times of crisis. BTC and ETH are top cryptocurrencies in market value that many users have.
Top cryptocurrency, Bitcoin prices tanked to $35,000 as the Russian troops unleashed missiles over Ukraine territory. BTC prices recovered to $43,500 when Russia announced a partial withdrawal of troops from the Ukraine border. But Russia continues its attack on Ukraine relentlessly. BTC is currently trading at $42,450 on March 3, 2022.
Ethereum prices slipped to $2,600 levels last week when the war started. It is now trading at $2,850 levels.
Though donations are received in cryptocurrencies, there is no assurance of its value when it is actually used. However, any amount is good for the Ukrainian government in this time of crisis.
Ukraine receives large currencies in fiat currencies too. Though crypto funds are pouring in, fiat currencies also contribute to the overall funds to meet the Ukraine military needs. The US raised more than $1.7 billion when the United Nations asked for humanitarian support to help refugees in neighboring countries.
Crude prices have shot up to more than $100 per barrel. Brent crude is trading at $117 per barrel, while WTI is $114 per barrel.