Ukraine continues to see a significant inflow of crypto donations, with the value reaching $30 million, with a total of $27.2 million already gathered. The Ukrainian government and non-profits have collected approximately $27.2 million in cryptocurrency donations, according to data from blockchain analytics firm Elliptic.
Binance, a cryptocurrency exchange, has pledged $10 million in an emergency fund to assist Ukrainians affected by the war. The total confirmed donations have now reached $27.2 million. Binance CEO Changpeng Zhao has stated that the firm will provide $10 million in aid to charity efforts.
#Binance is donating $10M to help the humanitarian crisis in Ukraine & @BinanceBCF launched the crypto-first crowdfunding Ukraine Emergency Relief Fund. ??
Our focus is providing on-the-ground support. We just care about the people.
➡️ https://t.co/2vLFFbf5ac pic.twitter.com/vNSo9F3x7i
— CZ ? Binance (@cz_binance) February 27, 2022
These contributions are going to various organizations, including non-governmental organizations and governmental agencies, for courses such as military assistance and humanitarian aid. It’s worth noting that the donations are still ongoing, with a value higher than $27.2 million in cryptocurrency.
Meanwhile, Ethereum co-creator Vitalik Buterin has been calling for crypto donations in support of a variety of charitable causes. Donations are most frequently made in Bitcoin, Ethereum, and US Dollar stable-coins. Non-fungible tokens (NFTs) have also been given to the government as a contribution.
Crypto’s usefulness in fundraising demonstrates the industry’s potential to expedite, cross-border money transfers that avoid financial institutions.
Ukraine receives $27.2 million worth crypto donations
When Russia threatened to continue with its invasion on February 8, Bitcoin donations started to pour into Ukraine. The donations were mostly driven by Ukrainian volunteers and hacking collectives who have been leading the charge in condemning Russia’s actions.
Come Back Alive, a Ukrainian non-profit organization dedicated to supporting the country’s armed forces, was one of the recipients. However, the charity’s Patreon membership was suspended on February 24, owing to policy infringements.
Also, Help Ukraine ($HUKR), has donated Ethereum to the Support Ukrainian Sovereignty initiative. The money is directed towards various charities in the country. However, scammers may be taking advantage of the situation by duping many unsuspecting well-wishers.
Surprisingly, the Ukrainian government has appeared to soften its opposition to cryptocurrency donations. The military at one point stated that it could not accept cryptocurrencies as funds.
Ukraine is a country in Eastern Europe. It is the second-largest country in Europe by size, after Russia, which borders to the east and northeast. The current population of Ukraine is 43,301,680 as of Thursday, February 24, 2022.
Russia-Ukraine conflict summary
The conflict began in February 2014, when Russia and pro-Russian forces attacked Ukraine, primarily over the status of Crimea and parts of the Donbas. The war’s major focus has been on the status of Crimea and other disputed territories that are widely regarded as part of Ukraine by international law.
Russian military buildup on Ukraine’s border has exacerbated tensions between the two countries and strained bilateral ties during 2021-22, with the United States delivering a strong message that an invasion would be met with severe consequences for Russia’s economy.
“I believe it is necessary to take a long-overdue decision, to immediately recognize the independence and sovereignty of the Donetsk People’s Republic and the Lugansk People’s Republic”
– Vladimir Putin
Analysts believe that this could be the start of a larger conflict in Ukraine, and many officials are labeling the action an assault on Ukraine’s independence.