Elliptic: Ukraine’s cryptocurrency donations worth $13 million

Ukraine’s government has raised cryptocurrency donations worth $13 million, according to Elliptic.

As per data from Elliptic, a blockchain analysis firm, bitcoin donations poured in after Ukraine appealed to social media. 

Ukraine’s cryptocurrency and digital token donations

On Saturday, Ukraine’s official Twitter account appealed for cryptocurrency donations.

Ukraine’s Vice-Prime Minister and minister of digital transformation, Mykhailo Fedorov, tweeted digital wallet addresses.

He wrote, “Stand with the people of Ukraine. Now accepting cryptocurrency donations.” 

Russia’s attack on Ukraine

As of 08:50 GMT Monday, Ukraine received cryptocurrency donations worth $12.8 million. 

London-based Elliptic says that Ukraine’s digital wallet received 17,300 donations. 

Furthermore, Russia is facing deep isolation on economic and diplomatic fronts as they captured areas in southern Ukraine. 

Russia has also seized a nuclear plant around the area. 

Ukraine’s ministry of digital transformation confirms the tweets, adding, “How will we use money? To destroy as much Russian soldiers as possible.”

Ukraine’s unprecedented cryptocurrency donations

Ukraine’s direct appeal for cryptocurrency donations is among the first of its kind. 

While the cryptocurrency crowdfunding appeal is unprecedented, El Salvador has accepted cryptocurrencies. 

Russia launched its invasion on Thursday, and cryptocurrency donations surged to Ukrainian volunteer and hacking groups. 

Furthermore, these groups have supplied equipment to Ukrainian government forces. 

Ukrainian cryptocurrency donations to these groups surged in January as Russian troops massed near Ukraine’s border. 

Lastly, 

As Russia invades Ukraine, leading to mass casualties, it is the biggest assault on a European state since World War Two.

However, various governments across the globe are joining hands to help Ukraine. 

The west issued sanctions against Russian banks, while industries across the globe are cutting ties with the country. 

Furthermore, Elliptic says that digital currency plays a crucial role in the recent funding method. They added that in 2020 various volunteer groups supporting the Ukrainian government raised $6000 worth of cryptocurrency.

Also Read – Ukraine turns to crypto as Central Bank suspends e-money