Does Ukraine accept crypto donations?

Source: Shutterstock

The advent of blockchain technology has undoubtedly disrupted every industry. Cryptocurrencies play a significant role in their evolution, be it finance, healthcare, or philanthropy. For example, cryptocurrencies have become the best way for making charitable donations, as they make the entire process transparent and accountable. The donations are recorded on the distributed ledger and are tamper-free.

The use of cryptocurrencies for donations and raising funds is evident from the current Russia-Ukraine conflict. It is estimated that Ukraine has received over $37M donation in tracked crypto so far. In addition, the developers from Polkadot and VeChain have added $13M more to support Ukraine.

Breaking down the Donations

It is not practically possible to track every crypto transaction to Ukraine. Still, as a fair tracking, it could be estimated that the Ukrainian government, charities, and military have received over $37 million till yesterday. The tracked donations are only from the biggest names and projects in the industry and do not include small individual contributions. Almost all the major crypto assets, including BTC, ETH, UDT, and other altcoins, were used.

Reserve Fund of Ukraine, backed by the country’s cryptocurrency exchange Kuna becomes the biggest recipient of crypto donations, raising approximately $13 million through major cryptocurrencies. Also, $7.2 million is raised by Come Back Alive, a Non-government organization to support the Ukrainian army’s resistance efforts. Following these organizations, UkraineDAO, a Russian Feminist protest music group, seeks to sell their artworks in the form of NFTs. The highest bid stands at $2.89 million.

As their part, the activists in the blockchain community created Unchain Fund to raise funds for Ukraine. Though the initiative supported a plethora of altcoins like BUSD, BNB, and NEAR, most donations were through the NEAR token.

The reason behind raising funds

Anna Tutova, a member of Unchain Fund and a prominent socialite in the crypto community, explains the reason for raising funds. He says the raised money would be used for food, repair needs, and evacuation. Unchain Fund uses only crypto and uses multi-sig wallets to be transparent. Therefore, the funds should reach the destined end and serve the cause.

Extending to other cryptocurrencies!

But crypto enthusiasts are also asking the Ukrainian government to expand their acceptance of cryptocurrencies donations to other altcoins, not just BTC, ETH, and USDT. Following is the tweet of Sunny Lu, co-founder, and CEO of Vechain.

Around the same time, Gavin Wood, co-founder of Ethereum and creator of Polkadot (DOT) and Kusama, wrote:

A Note for the Donors!

The fundraising efforts for Ukraine through crypto had gained a large attraction. People from nook and corner of the world are lending their hands through small donations they could afford, while few of the biggest names in the industry are donating millions. It is okay to donate, but always watch out for scams while you donate. Recently, an alleged con artist commented on all posts with his wallet address as the official fundraising crypto wallet address for helping Ukraine.

--

--

--

Scribing blockchain beautifully. Read our exclusive coverage of blockchain articles at https://www.blockscribers.com/

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

Crypto Valley’s Unique Opportunity

Delio signs legal consulting contract on cryptocurrency with DR & AJU

imToken now with native Eth2 integration and staking-as-a-service

What is EIP 1559 and How Will it Increase Ethereum’s Value?

About Last Week @EulerTools May 24–31 Update

AnRKey X Crossing The Ethereum Boundaries With Full Layer 2 Integration

DMEX’s Chia mining power NFT is your best chance to seize the green mining opportunity

With the current market trend, the dominance of altcoins in the cryptoverse is highlighted, and…

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Blockscribers Staff

Blockscribers Staff

Scribing blockchain beautifully. Read our exclusive coverage of blockchain articles at https://www.blockscribers.com/

More from Medium

Russia Ukraine Conflict: Should you buy the Market Dip?

How To Set Up A Eternl Wallet

How To Mine Cardano ADA in PC or Laptop (2022)

What is Staking (Part 1)