The Aid For Ukraine crypto contributions have “significantly aided Ukraine’s military,” according to a Ukrainian government official.
According to the Ukrainian Deputy Prime Minister, the crypto community has donated an astonishing $54 million through “Aid For Ukraine” to assist the nation’s military actions against Russia.
According to Ukraine’s Deputy Prime Minister Mykhailo Fedorov’s tweet on Thursday, “Aid For Ukraine,” who praised the cryptocurrency community for their assistance, the $54 million was sent in through the program:
“Every helmet, bulletproof vest, and night vision device save the lives of Ukrainian soldiers. Thus, we must continue to support our defenders. Thanks so much to everyone from the crypto community for supporting Ukraine!”
The majority of the $54 million in aid for Ukraine, according to the Ukrainian Ministry of Digital Transformation, came in the form of 10,190 Ether (ETH), valued at $18.7 million, 595 Bitcoin (BTC), valued at $13.9 million, Tether (USDT), valued at $10.4 million, and USD Coin (USDC), valued at $2.2 million.
The cryptocurrency payments were used to purchase weapons, gear, and other military supplies, including $11.8 million worth of unmanned aerial vehicles (UAVs), which are frequently used to locate and target enemy forces.
In addition to spending $6.9 million on armor vests, $3.8 million on field rations, $5.2 million on anti-war media campaigns, and $5.0 million on “weapons of the [Ukraine] Ministry of Defense request,” among other military and medical supplies, a sizeable portion of the donations went toward these items.
“Crypto is playing a significant role in Ukraine’s defense”, said Deputy Minister of Digital Transformation of Ukraine Alex Bornyakov on the government-tied donation website.
Creator of the Ukrainian cryptocurrency exchange KUNA According to Mike Chobanian, the contributions from the cryptocurrency community have demonstrated the influence that blockchain technology may have on nation-states, and in emergency situations, it can operate as the “backbone of global security.”
Aid For Ukraine operates by depositing cryptocurrency into the fiat cryptocurrency exchange FTX, which subsequently withdraws and transfers the funds to the National Bank of Ukraine.
However, Aid For Ukraine is not the only entity receiving funding to support Ukrainian defense activities. Despite the fact that the quantity of cryptocurrency-based donations they have received since March hasn’t been made public, the Reserve Fund of Ukraine, Come Back Alive, UkraineDAO, and Unchain Fund have also contributed funds in the seven figures.
