- In the beginning, the Ukrainian government raised $4 million.
- The government had received “near to $100 million” in cryptocurrency contributions.
People in Ukraine are more desperate than ever before for outside assistance. To restore peace and stability to Ukraine, the international community must unite behind the government while the Russian-Ukrainian war rages on. NFT firms, decentralized autonomous organizations (DAOs), and crypto users all over the globe have led the movement to support Ukraine with contributions of Bitcoin (BTC), Ethereum (ETH), Polkadot’s DOT, and even non-fungible tokens (NFTs).
Incredibly, the crypto community rallied behind the Ukrainian people in a matter of days. The Ukrainian government appealed for crypto contributions on Twitter two days after Russian forces invaded Ukrainian territory and shared Bitcoin and Ethereum wallet details. Ukraine’s Vice Prime Minister Mykhailo Fedorov verified that the appeal for contributions was legitimate and urged followers to stand with the country on his Twitter account.
Rapid Rise in Short Time
Ukraine’s deputy prime minister tweeted the government’s crypto addresses shortly after they were live, and coins began to flow into Ukrainian government accounts at a breakneck pace. A report by Chainalysis predicts that around $8 billion worth of bitcoin enters and departs Ukraine every year. According to the New York Times, the daily volume of cryptocurrency transactions exceeds the volume of interbank hryvnia trades by almost $150 million.
In the beginning, the Ukrainian government raised $4 million, then $13 million, and finally $37 million in mid-March. Over the following days, the Ukrainian government raised $55 million in crypto. Alex Bornyakov, the deputy minister of Ukraine’s ministry of digital transformation and the government’s de facto crypto spokesman, recently revealed that the government had received “near to $100 million” in cryptocurrency contributions.