The Ukrainian Government’s Crowdfunding raised over $20 million in crypto donations
The time is of the essence here as the Russian force moves into the heart of Ukraine, surrounding the capital Kyiv. NGOs are providing support to the Ukrainian government military. The military budget is not any tiny number, but at this dire time, every bit helps. According to Elliptic, over $20.0 million is raised from more than 23,000 donations in crypto assets.
First covered in Elliptic on the news of crowdfunding in crypto is soon picked up by major news outlets, and in Tech News Hub, we do immediate covers on the topics that matter most. Hence it came to our radar. World leaders started sanctions against the Russian government as the Russian invasion continued. One NGO receiving crypto funding reported a $3 million in a single Bitcoin donation.
The official Twitter channel of Ukraine / Україна formed a pinned Tween BTC, ETH and USDT crypto wallet where thousands replied that they are going to help. The rapid development shows cryptocurrency assisting in the Ukrainian fight with global support.
Even though there are various ways to send in donations, opening up a crypto crowd funding project gets all the praise, which it should. In this dire time, it may take a more extended period to pass transactions to places where it matters, and crypto transactions take only a minute or seconds.
The brutal invasion from Russia, going against all the will of global leaders, is a terrible move in the world today. The official Twitter account for Ukraine said they are only accepting bitcoin, ether and tether tokens in donations. Tether tokens track the value of the US dollar pretty correctly.
Though there are plenty more opportunities to get donations via crypto, other types of crypto holders seem interested to donate saving for a good cause. They are requesting DOT, VET, and similar kinds of wallets addresses to pass all the help available.
Come Back Alive, a Ukrainian NGO, reported several million dollars in crypto donations to support the military directly. The Patreon partnership page was suspended in February due to military activity policy violations. Even though the global leaders and people worldwide are supporting directly by sending dollars to the cause, donations in cryptocurrency are going pretty great. Currently, BTC is responsible for 56.4 per cent of the total crypto donation, and ETH is not far from 31.8 per cent. Stable coins followed them with 10.9 per cent and others with 0.9 per cent making up the total donations.
Another $1.86 million was generated from the sale of non-fungible tokens or NFTs. It initially started to fund WikiLeaks founder Julian Assange but turned into funding the government for urgent support.
Come Back Alive NGO directly supporting the military, started functioning in 2018 and since then raised millions of dollars. Scammers have also been detected taking advantage by posting their crypt wallet addresses to people who wanted to donate. They have been marked too, and the official wallet address is published on the Ukrainian Twitter page.
Some pro-Ukrainian organisations are taking in donations from the NFT collection. They have not verified channels, so Elliptic advised caution before donating. The Ethereum based project to help Ukraine ($HKUR) was created on 24 February. Ukrainian Sovereignty claimed they had raised $281,769 while writing this article, confirmed by Elliptic.
Donetsk and Luhansk regions of Ukraine pose sanctions against cryptocurrency. So, before developments pour out risk, sanction compliance to cryptocurrencies is being reviewed. There are tools, guidelines and techniques to overcome the sanctioned situation.
Ecliptic’s chief scientist on a blog post said, “crypto-assets such as Bitcoin have emerged as an important alternative crowdfunding method.” He added that “they allow quick, cross-border donations, which bypasses financial institutions that might be blocking payments to these groups.” Ukrainian Minister of Digital Transformation Mykhalio Fedorov called on “major crypto exchanges to block addresses of Russian users.”