Ukraine raises funds worth more than $8M through crypto donation

Ukraine has raised about $8 million in crypto after appealing for donations of BTC and other digital tokens on social media, as we reported.
Ukraine has raised about $8 million in crypto after appealing for donations of BTC and other digital tokens on social media, as we reported.

According to blockchain analysis firm Elliptic, Ukraine’s government has raised more than $8 million in cryptocurrencies after appealing for donations of bitcoin and other digital tokens on social media, as we reported.

Following Russia’s invasion of Ukraine, Ukraine’s official Twitter account made a call for crypto donations on Saturday, revealing digital wallet addresses for tokens such as BTC, ETH, and USDT.

Mykhailo Fedorov, the Vice-Prime Minister, tweeted the wallet addresses. “Stand with the people of Ukraine. Now accepting cryptocurrency donations,” Fedorov, who is also the Minister of Digital Transformation, wrote this.

On the fourth day of fighting in the deadliest attack on a European state since World War Two, Russian military vehicles surged into Kharkiv, the country’s second-biggest city, as explosions rocked oil and gas installations.

According to Elliptic, the wallet addresses had collected bitcoin worth $7.9 million from around 11,500 donations by 10:30 GMT Sunday. The company uses the blockchain, a public database that records crypto transactions, to trace digital money flow.

Ukraine is the first to ask for help

Its cryptocurrency crowdfunding appeal is unrivaled. Despite the fact that certain countries, such as El Salvador, have accepted cryptocurrency, Ukraine’s direct donation appeal is one of the first of its sort. It was unclear what Kyiv planned to do with the funds.

As TheCoinRise reported, Ukraine recently legalized Bitcoin amid the increasing tensions with Russia.

The cryptocurrency payments to Ukrainian volunteer and hacking groups have increased since Russia began its invasion on Thursday. Donations to such organizations, some of which have provided government forces with equipment, increased dramatically in January as Russia massed troops along Ukraine’s border in preparation for an invasion.

The Crypto market, which first plummeted in such situations, has finally gained some momentum, with Bitcoin reaching $37.8k.