Ukraine clocked $70 million worth crypto funds since Russian invasion
Ukraine has secured more than $70 million worth cryptocurrencies since Russia invaded the country. It is believed that the amount of funds ensured military and humanitarian support for the nation, as stated by Cointelegraph.
According to Cointelegraph, blockchain platform Chainalysis revealed that Bitcoin and Ether constituted maximum amount of funds. Reportedly, ETH donors sent $28.9 million, while BTC and Tether donors chipped in $22.8 million and $11.6 million, respectively, along with non-fungible token (NFT)-based contributions.
“If we used the traditional financial system it was going to take days […] We were able to secure the purchase of vital items in no time at all via crypto, and what is amazing is that around 60% of suppliers were able to accept crypto, I didn’t expect this,” Alex Bornyakov, deputy digital minister, Ukraine, stated.
Moreover, Cointelegraph noted that Ukrainian dependence on cryptocurrencies resulted in an increased adoption in the country. Insights from a Chainalysis report mentioned Ukrainians to be the third-highest cryptocurrency adopters, after Vietnam and Philippines. However, cryptocurrencies’ utilisation also found its way among Russians who used it to crowdfund their war practices, including directing crypto donations for military purchases, spreading disinformation and developing pro-invasion propaganda, as reported by Chainalysis.
(With insights from Cointelegraph)