Ukraine is putting up an incredibly brave fight against a Russian military machine that is much larger and better funded. Still, one thing the Ukrainian government is doing very well is garnering financial support worldwide. Millions of dollars have flowed directly into the Ukraine war budget, and a lot of it is coming via bitcoin and other cryptocurrencies.
On February 26, two days after the invasion began, Ukrainian officials called for crypto donations, and the world has responded. Their goal was to get $200 million crypto donations, and they have already received $67 million.
Here’s what Ukraine’s deputy minister for digital transformation wrote on an official Ukrainian website.
“Today, crypto is playing a significant role in Ukraine’s defense.”
Of that $67 million in crypto, the country has converted about 80% into traditional currencies and has spent $34 million on the war. The crypto donations are a drop in the bucket of the total amount of money Ukraine has received in donations, as people have donated hundreds of millions to help the country defend itself against Russia.
Insider quoted Michael Chobanian, who founded a cryptocurrency exchange in Ukraine.
“We are buying so much stuff that is saving lives every single day and also are stopping the aggression, so it’s a beginning of the new world.”
The U.S. has earmarked over $14 billion in support to Ukraine. The United Nations has raised about $618 million of their $1.1 billion goal, and the European Union has vowed to donate $500 million.
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