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7 Mar 2022

Ukraine Uses $70M Crypto Funds for Military Defense Against Russia

Ukraine Uses $70M Crypto Funds for Military Defense Against Russia

The Index Today

Since the attacks on the country began later last month, Ukraine has received nearly $70M in cryptocurrency, and most of these donations have been in Bitcoin and Ether. Mykhailo Fedorov, Vice Prime Minister of Ukraine, mentioned in a Twitter (NYSE:TWTR) post on Friday that they had received over $50M in crypto. The country has reportedly spent most of this money on military supplies, including bulletproof vests with a hashtag #StandWithUkraine.

Fedorov tweeted “The Crypto Fund of Ukraine raised $50M in crypto in a week to support #Ukraine 👊🏻 An incredible unity before Putin's encroachment on freedom and democracy. Aiming for $100M this week. We WILL win! 🇺🇦 #StandWithUkraine.”

Alex Bornyakov, The Deputy Minister of Digital Transformation of Ukraine mentioned that the country is using most of these funds for army support.

Bornyakov stated in a Twitter post that they spent 69% of the donations on army support, 19% humanitarian help, and 12% on general aid. He also called these donations “an incredible unity before Putin’s encroachment on freedom and democracy.” The minister hopes to double the amount in the coming days.

The country has also received donations in Tether, Polkadot, and Solana. Moreover, it also received NFTs, including a highly-valued one — CryptoPunk.