Ukraine To Accept Crypto Donations To Fund The Defense Against Russia

Following the Russian invasion of Ukraine, the international community has been focused on ways to help the Ukrainian army fight Russian aggression. Governments from around the world have offered financial aid, deliveries of equipment, and opened the doors to Ukrainian refugees.

As the military actions against Ukraine escalated, government officials recognized the need for a swift funding solution.

Numerous requests had been issued to the Ukrainian government, requesting that they set up a crypto wallet address and start accepting digital currency donations. While initially hesitant, the Ukrainian leaders finally decided to accept the offer on February 26th, tweeting that the country had started to accept Bitcoin, Ethereum, and Tether donations.

Interestingly, the country’s Vice PM, Mykhailo Fedorov, personally shared wallet addresses for donations. While addresses for Bitcoin and Ethereum remained the same as the ones that the country’s official Twitter account shared, the USDT address was changed to a TRC-20 version of Tether.

Crypto Industry Makes its Own Efforts to Help

Many have expressed surprise that Ukraine acted so quickly. Ethereum’s co-founder, Vitalik Buterin, even suspected that the country officials’ accounts were hacked. However, US diplomat Tomicah Tillemann confirmed that the addresses really do belong to the Ukrainian officials.

The setting up of a crypto donation pipeline comes at a time when many Ukrainian civilians–turned refugees–have reported that they lost their fiat savings, as well as their credit cards. As of February 26th, over 150,000 people have been displaced from Ukraine.

Initially, there was confusion about how the crypto donations would be used; however, Buterin quickly shared a DAO initiative that focuses solely on the country’s citizens in need. It is now believed that the funds donated to the government’s accounts will be used by the Ukrainian government, while the DAO donations will be redirected towards the Ukrainian citizens.

Other major crypto personalities have expressed their desire to help the Ukrainian people, including FTX CEO Sam Bankman-Fried, who was among the first to offer monetary support and encourage others to do the same.

Leave a Reply

Your email address will not be published.

Related Articles
Read More

RadioShack: From The Crypt To Crypto

The incessant beeping in my ear made my palms slick with sweat… and then it happened. My parents' cordless phone died… …while I was in the middle of talking to my high school crush. I was devastated. Cut off from my romantic pursuit like a...
Read More

Top 5 Coins That Reached ATH In 2021

ATH happens regularly in favorable market conditions. Its opposite is all-time-low which defines the regressive movement of a coin beating its previous lows in a particular period of time. ATH can happen in a short or long period of time relative to the market conditions....
Read More

What Key Things Drive The Value Of The Crypto Market?

His project works as a digital currency that is secure and free from manipulation by third parties, including banks. Like a wise visionary, Satoshi shared the source of his project openly. Many other developers like Vitalik Buterin, founder of ETH, came up with alternative projects...