Ukrainian Army has Accumulated $400,000 Crypto Donations in the Last 24 Hours

Ukrainian Army has Accumulated $400,000 Crypto Donations in the Last 24 Hours

According to an analysis from blockchain firm Elliptic, Come Back Alive, a Ukrainian non-profit organisation that raises crypto donations for the Ukrainian army, accumulated more than $400,000 in digital tokens in the last day. 

The average contribution is between $1,000 and $2,000, and the group has received at least 317 individual grants in the last two days. 

Donations in Crypto Are Flooding to Help Ukraine in its Defence

Vladimir Putin, Russia’s President, launched a ‘special military operation‘ against Ukraine early Thursday morning to begin a series of missile assaults. Ukraine is now facing a full-fledged invasion from Russia on three fronts. 

As Ukraine prepared for further attacks, blockchain analytics and compliance firm Elliptic announced earlier today that $400,000 in crypto has been given to “Come Back Alive,” a Ukrainian non-governmental group located in Kyiv that delivers supplies to soldiers.

People contributing cryptocurrency to assist pro-Ukraine actions aren’t limited to the last few days. According to a February 8 study by Elliptic, NGOs and volunteer organisations, utilising crypto crowdfunding to support the country’s war effort against Russia collected over $570,000 in the last year, which went to the Ukrainian army, cyber activists, and other organisations. 

The analytics business has tracked donations by identifying the crypto wallets used by relevant people.

The increase in crypto donations indicates that digital assets have gained popularity. “emerged as an important alternative funding method, allowing international donors to bypass financial institutions that are blocking payments to these groups,” in the same February report, Elliptic wrote.

Remember, Vitalik Buterin Donated One Trillion SHIB to India?

It is essential to dig deep when understanding crypto adoption. We all know how crypto enthusiasts are ecstatic about Bitcoin in general. But, we noticed a drop in 2020 due to the worldwide pandemic, and Bitcoin and other cryptocurrencies could rebound. One reason for their resurgence was widespread crypto usage, which resulted from reduced physical connection to prevent virus spread.

A crypto prodigy who is also one of the best-known co-founders of Ethereum, Vitalik Buterin announced crypto donations of about $1 billion (₹7,310 crores) to help in India‘s battle against a COVID-19. 500 ETH and 50 trillion SHIB were contributed to India’s COVID Relief Fund.

On April 24, 2020, Sandeep Nailwal, co-founder of Polygon, who aims to construct and link Ethereum-compatible blockchain networks, announced on Twitter that he is establishing a Crypto COVID Relief Fund. He appealed to the worldwide cryptocurrency for assistance, and yes! They responded.

Nailwal guaranteed funders of transparency since he was asking for money. “I will take full responsibility for transparency, funds usage, and regulatory compliance.” India’s Crypto Covid Relief Fund offered readily available data of current crypto holdings, crypto to the bank, and bank to grants.

The relief fund allowed crypto donations such as Ethereum, Ripple, and Litecoin. For each cryptocurrency, Nailwal shared addresses (which are effectively complex alphanumeric keys), and donations were sent using these addresses by cryptocurrency enthusiasts.

Ukraine is one of the Top Nations in the World for Crypto Adoption.

After Russia acquired a segment of Crimea, then a Ukrainian area with a mainly Russian population – pro-Russian and pro-Ukrainian parties both promoted crypto crowdfunding campaigns in 2014, but the funds received were minimal, according to Jess Symington, Elliptic’s head of research. Since then, cryptocurrency use has skyrocketed in Ukraine and Russia. Today, Ukraine is one of the top cryptocurrency jurisdictions in the world. 

According to an October 2021 analysis from blockchain intelligence firm Chainalysis, the country ranks fourth globally in terms of crypto usage, with $8 billion travelling in and out of the country each year.

The Ukrainian government also approved a law last week to legalise cryptocurrencies, the first step toward establishing a framework for regulating and administering digital assets.

Over the last two weeks, cryptocurrency values have plunged due to worries of a Russian invasion of Ukraine; the market has lost $150 billion in value since Putin authorised Russian soldiers to attack Ukraine early Thursday morning Moscow time.

Ukraine’s Ministry of Defence established a particular bank account on Wednesday to receive donations for its troops. Nonetheless, the Ministry stated that it can only take fiat cash and cannot accept crypto donations or through alternative payment methods such as PayPal.

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