Crypto Donations to Ukraine Hit $20 Million In Just 2 Days
The cryptocurrency trading community has made a huge gesture of solidarity for the Ukrainians facing the Russian invasion. In just two days, the government of Ukraine and local NGOs have raised over $20 million (about P1 billion) in crypto donations from anonymous donors from around the world.
According to blockchain analytics platform Elliptic, over 22,000 sizable donations have been made, with the median donation amounting to $95 while the largest donation reached $3 million.
The recipients of the donations are mainly the Ukrainian government and pro-military NGO Come Back Alive, while the cryptocurrencies being donated are mainly Bitcoin with over 56 percent of donations, Ether with 31 percent, and Stablecoins with 10.9 percent.
With the Russo-Ukrainian war ongoing, economists and political analysts haven’t had the time to estimate the cost of damages created by the bombings and attacks. For now, the donations will be used to support Ukraine’s defense from the Russian invasion, with NGOs like Come Back Alive targeted at supplying the military and volunteer fighters with necessary equipment.
Crowdfunding sites like Patreon have restricted raising funds for the Ukraine crisis due to their policy against raising money for military activities. As such, cryptocurrencies became a viable alternative to the issue, which has proven to be more effective than expected.
“[Cryptocurrencies] allow quick, cross-border donations, which bypass financial institutions that might be blocking payments to these groups,” wrote Elliptic.
Tech Against War
As the war carries on, Ukraine’s allies have been rallying with harsh sanctions coordinated to resemble an economic siege. However, the tech world has also been gathering to implement its own brand of tech sanctions.
According to Mykhailo Federov, Vice Prime Minister of Ukraine and Minister of Digital Transformation of Ukraine, NFT trading platform DMarket froze accounts of users from Russia and Belarus, YouTube has disabled monetization of Russia Today channels, and Twitter has blocked Russians from registering new accounts on Twitter.
He also recently convinced Elon Musk in a tweet to activate and transport more Starlink service terminals to Ukraine.