Its been over 13 months since Russia invaded Ukraine and began the war that has been going on since February 2022.?
And during this period, many countries have come forward to help the war hit nation of Ukraine. But one lesser-known but key help that Ukraine has been getting amid war, is through crypto donations.
A mammoth amount of over $212 million worth of crypto has been donated to pro-Ukrainian war efforts since the war began, according to Elliptic, a blockchain analytics firm. This includes roughly $80 million worth of crypto going directly to the Ukrainian government.
Crypto funds have been used to support a variety of war efforts, according to Ukrainian officials and government fundraising sites. Purchases range from bulletproof vests and helmets to demining equipment and drones. Other crypto donations have been spent on support materials like medical supplies and radios, as per a World Economic Forum report.
The decentralized nature of crypto allows digital currencies to be traded quickly, making them a useful tool for getting money into conflict and disaster zones.?¡°An important benefit of these emerging technologies is the ability to mobilize, organize and deliver very quickly,¡± said Brynly Llyr, Head of Blockchain and Digital Assets at the World Economic Forum. ¡°We¡¯ve seen this play out in real time in Ukraine where you saw millions of aid delivered in a day.¡±
Chainalysis, another major blockchain analysis firm, reported that in the first month of the war, the Ukrainian government received more than $56 million in crypto donations. Most of the donations, Chainalysis found, have been made in bitcoin and ethereum.
Also Read:?Binance?Donates Crypto Worth $2.5Million For Ukraine
Non-fungible tokens (NFTs), which are unique digital assets generally created in a blockchain, have also been used to support the war efforts. For example, Ukraine DAO¡ªa decentralized autonomous organization (DAO) set up to harness ¡°the power of Web3 tech and community to defend Ukraine,¡± according to the online collective¡ªauctioned off a Ukrainian flag NFT for $6.75 million, the report mentioned.
¡°Although such donations pale in comparison to fiat donations, they demonstrate the philanthropy of cryptocurrency enthusiasts across the globe and Ukraine¡¯s willingness to accept a wide variety of digital assets,¡± Chainalysis noted in a recent report.
Crypto is also being used to support Russia, albeit to a lesser degree. Chainalysis reported that roughly 100 pro-Russian groups have raised around $5.4 million worth of crypto over the past year. Meanwhile, Elliptic found that total pro-Ukrainian crypto fundraising since the war began tops pro-Russian funding by 44 to one.
Also Read:?Japanese Billionaire Hiroshi Mikitani Donates ?1 Billion To War Hit?Ukraine
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