Every bit of crypto-currency donated can help Ukrainians, proving that cryptocurrency is the future of financial donations. Ukraine’s people need the world’s help now more than ever. As the conflict between Russia and Ukraine rages on, the international community must unite behind the Ukrainian government to restore peace and stability to the Eastern European nation.
Nonfungible token (NFT) companies, decentralized autonomous organizations (DAOs), and crypto users all over the world have led the effort to help Ukraine with donations of Bitcoin (BTC), Ether (ETH), Polkadot’s DOT, and even NFTs. It’s incredible how quickly the crypto community rallied behind the Ukrainian people. Two days after Russian forces entered Ukrainian territory, the Ukrainian government requested cryptocurrency donations on Twitter, sharing Bitcoin and Ethereum wallet addresses. Ukraine’s Vice Prime Minister, Mykhailo Fedorov, confirmed the call for contributions on Twitter and urged people to stand with the country.
Soon after Ukraine’s vice prime minister tweeted the government’s crypto addresses, the cryptocurrency began to pour into the Ukrainian government’s wallets at previously unheard-of rates. Ukraine ranks fourth on the Global Crypto Adoption Index compiled by data firm Chainalysis, which estimates that approximately $8 billion in cryptocurrency enters and exits the country each year. According to the New York Times, the daily volume of cryptocurrency transactions is around $150 million, which exceeds the volume of hryvnia interbank exchanges.
The Ukrainian government first raised $4 million, then $13 million, and finally $37 million by March. The Ukrainian government had raised more than $55 million in cryptocurrency within a few days. And just recently, the Ukrainian government announced that it had received “close to $100 million” in cryptocurrency donations.
NFT platforms, DAOs, and other Web3 players have shown the world what they stand for by donating everything from crypto to NFTs to the Ukrainian government. The Bored Ape Yacht Club (BAYC) creators donated $1 million in Ethereum to the Ukrainian government. The BAYC team donated the funds to match the efforts of BAYC community members who raised nearly $1 million in donations for Ukraine.
The traditional methods of raising funds were time-consuming, costly, and frequently fraught with fraud and corruption.
Bitcoin and other cryptocurrencies have proven to be the cheapest, fastest, and most secure way to conduct financial transactions worldwide. The Ukrainian government can safely store cryptocurrency without fear of an invading force stealing it or their financial system collapsing due to the war. To be clear, digital coins have lived up to their reputation for facilitating funds transfer across international borders in Ukraine.
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