Ukraine receives million dollars donations through crowdfunding

Ukraine's government and NGOs providing support to the Ukrainian military have collectively raised $18.9 million in cryptocurrency since the Russian invasion began on Feb. 24.

24x7liveindia
Mar 24, 2022 05:20
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Ukraine receives million dollars donations through crowdfunding

Kyiv: Millions of dollars donations poured into Ukraine in the form of cryptocurrency to protect its sovereignty from Russian invasion.

Ukraine has received funds through crowdfunded after its request to meet the financial needs. Strangers responding tweets and donated generously to the war-torn country to defend itself from Russia.

Last week, the official Twitter account of Ukraine tweeted that the country was “now accepting cryptocurrency donations” as it urged people to “stand with Ukraine,” and provided links to two crypto wallets. According to the tweet, Ukraine is accepting donations in Bitcoin, Ether, and USDT—the last one a so-called stablecoin pegged to the U.S. dollar.

Within 24-hours of its request, Ukraine’s two official crypto wallets had accrued over $12 million worth of donations, according to analytics firm Elliptic, with one of the single largest donations worth $1.86 million, and this generous contribution was donated by a group that had raised money through an auction of non-fungible tokens (NFTs). The auction, which took place weeks before Russia invaded Ukraine, was originally a fundraiser for covering the legal fees of WikiLeaks founder Julian Assange.

No one has surprising that Ukraine would welcome donations in cryptocurrency. The government formally legalized cryptocurrency only days before Russia invaded, and the Eastern European country conducts more daily cross-border transactions in crypto than it does in its own fiat currency, the hryvnia.

The government isn’t the only body in Ukraine raising funds through crypto crowdfunding.

Nongovernment organizations (NGOs) and charities have appealed to crypto holders for donations too.

Come Back Alive, a Ukrainian NGO raising funds for the Ukrainian military, turned to crowdfunding crypto donations last week after the subscription payment service Patreon suspended the group’s account.

Nongovernment organizations (NGOs) and charities have appealed to crypto holders for donations too.

Come Back Alive, a Ukrainian NGO raising funds for the Ukrainian military, turned to crowdfunding crypto donations last week after the subscription payment service Patreon suspended the group’s account.