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$56.2 Million in Cryptocurrency Donations Raised for Ukraine

Ukraine has received a lot of donations in the form of Bitcoin (BTC) and Ethereum (ETH) cryptocurrency tokens, especially as the war with Russia entered its second week.

Since the start of the invasion on February 24th, Ukraine has received 106,000 crypto asset donations, which hold a cumulative value of $56.2 million at the time of writing.

Millions in Donations

Some of the donations are going to the Ukrainian Government directly, while others are going to ‘Come Back Alive,’ an NGO providing support to the military. according to data posted by blockchain analytics firm, Elliptic.

Source: Elliptic.co

Based on the report, among the donations were Gavin Wood, the founder of Polkadot, who donated $5.8 million, and a CryptoPunk NFT worth over $200,000. 

The total value of donations received by the Ukrainian Government stands at $48 million, while the majority of the other funds were raised by Come Back Alive. 

Ukraine also recently expanded its crypto donation options to include the DOGE cryptocurrency token.

On the Flipside

  • UkraineDAO auctioned off an NFT of the Ukrainian flag for $6.5 million in ETH, making it the 10th most expensive NFT ever sold, the proceeds of which are to be donated to the NGO.

Why You Should Care

The majority of the donations  received to date have come in the form of Bitcoin (BTC) and Ethereum (ETH) tokens, although U.S. dollar pegged stablecoins have also contributed to a significant proportion. This could lead to an increase in the value of these tokens, as well as to their overall mass adoption.

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    This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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    Author

    Milko Trajcevski has been in the crypto world for years, and as such has gathered both a skill for writing as well as a native prowess when it comes to understanding everything that occurs within that world. Through skilled writing and determination, he covers articles about cryptocurrency, tokens, blockchain, crypto-asset regulations, crypto wallets, exchanges, liquidity, DApps, forks, mining, security, and blockchain technologies. He is a professional with a track record of proven expertise within the crypto space.