Revealed: How Ukraine is Spending Crypto Donations
Crypto News

Revealed: How Ukraine is Spending Crypto Donations

4 months ago

Soldiers have been provided with 5,550 bulletproof vests, 500 ballistic plates, 3,125 thermal imagers, 500 helmets, 60 walkie-talkies, and 410,000 packed lunches.

Revealed: How Ukraine is Spending Crypto Donations

İçindekiler

The Ukrainian government has released a breakdown showing how crypto donations have benefitted the army.

Alex Bornyakov, the deputy minister of digital transformation, said soldiers have been provided with 5,550 bulletproof vests, 500 ballistic plates, 3,125 thermal imagers, 500 helmets, 60 walkie-talkies, and 410,000 packed lunches.

Digital assets have also been used to acquire medicine for troops as they defend the country from Russian forces.

Since Ukraine began accepting cryptocurrencies for donations two weeks ago, funds have also been used to support civilians who remain in the country — giving them access to food, water, gas and other essentials.

The latest estimates from the UN suggest that more than 2.5 million people have fled the country, in what has become the biggest refugee crisis that Europe has faced since World War Two.

Thanking those who have made a contribution so far, Bornyakov tweeted:

"Each and every helmet and vest bought via crypto donations is currently saving Ukrainian soldiers' lives."

Listen to the CoinMarketRecap podcast on Apple Podcasts, Spotify and Google Podcasts

Donations Near $100M

According to a live dashboard by Merkle Science, cryptocurrencies worth $93 million have now been donated to Ukraine — but contributions have slowed down substantially over the past week.

Over half of these funds have gone directly to the government's official crypto wallets, with $16 million pledged to Come Back Alive, a local volunteer group.

The dashboard suggests that 40% of the crypto donated was denominated in Ether, with 30% in Bitcoin. Binance Coin and DOT represent about 7% each, with the rest consisting of altcoins with a smaller market cap.

Crypto exchanges have also been taking action. Shortly after the invasion began, Binance — which owns CoinMarketCap — announced it was donating $10 million to the humanitarian effort. Last week, the trading platform also pledged $2.5 million to UNICEF, with its founder Changpeng Zhao saying on March 6:

"The rate at which this conflict is escalating has shocked the world. To think just over a week ago Ukraine's children were laughing, playing, attending school; and now we're hearing of child casualties, thousands forced to flee or take shelter, it’s heartbreaking."

This week, Kraken announced that it was giving $1,000 in Bitcoin to every Ukrainian user who had opened an account before March 9 — alongside a further $1,000 in credits to ensure conversions can be made with no fees. The exchange said the BTC could be withdrawn immediately, and it was designed to help those who may have been displaced by the fighting. Overall, this aid package is said to be worth over $10 million — and the company says that the total donated will match the revenues derived from Russian users over the first half of 2022.

It comes as satellite images suggest that Russian troops are beginning to edge closer to Kyiv, the Ukrainian capital. Soldiers have been accused of actively firing at residential areas, and intense fighting has also been reported in other major cities.

22 people liked this article