Bitcoin donations have poured in to support the Ukrainian military after Russia attacked the nation with heavy artillery on Thursday, 24th of February.
Elliptic, a blockchain analytics company, reported that Ukrainian NGOs and volunteer groups have been using cryptocurrency to crowdfund Ukraine’s armed forces. In just 12 hours, almost $400,000 in Bitcoin was raised and donated to ‘Come Back Alive,’ a Ukrainian non-governmental organization supporting soldiers in the war against Russia. After one day, the accumulated funds had reached $4 million.
The crypto funds will help provide the Ukrainian army with military equipment, medical supplies, drones, and the development of a facial recognition app to assist in the identification of Russian spies.
Cryptocurrency a Powerful Tool for Crowdfunding War
Cryptocurrency funds for Ukraine are still a minor contributor, with most fundraising campaigns being done through traditional payment methods. Yet it represents one of the best options available as crypto benefits from fluid and swift overseas transactions. In some cases, financial institutions are able to close accounts linked to fundraising, but the same could never happen with crypto, according to Elliptic, thereby making it an invaluable tool.
“Some of the Ukrainian volunteer groups and NGOs accepting crypto donations have very close links to the Ukrainian government - and this adds to a trend of nation states turning to cryptoassets as a means of raising funds.”
On the Flipside
Last week, Ukraine officially legalized cryptocurrency, having consistently been been one of the top five countries in the world in terms of the number of crypto traders.