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Ukraine Spends $15M Raised from Cryptocurrency Donations on Military Supplies

Ukraine has been receiving funds in the form of various cryptos and even NFTs. Most of the donations have been in Ethereum and Bitcoin, with Tether, Polkadot, and Solana also featuring heavily, Bloomberg reported.

The besieged country has used $15 million in cryptocurrency to buy supplies for the country’s armed forces, including bulletproof vests, food packages, bandages, and night-vision devices. Some product suppliers accepted direct crypto payment, while the rest first had to be converted into fiat.

Within the first week of the war, Ukraine’s government collected $50 million in crypto donations. Mykhailo Fedorov, the vice prime minister of Ukraine, hopes to double that amount by the end of this week to support the country and its people.

According to Bloomberg, the ministry of Digital Transformation of Ukraine, which was formed only two years ago, is actively developing the country’s IT sector. The team of 250, largely consisting of specialists under the age of 35, is actively defending Ukraine’s digital infrastructure to ensure secure crypto transactions.

On the Flipside

  • Deputy Minister of Digital Transformation for Ukraine Alex Bornyakov, said that selling donated NFTs to raise funds has been difficult, so far: “There’s no time to figure out how to convert them. Maybe once things settle down, we’ll figure this out,” he stated. 

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