Crypto donations spiked following Russia’s attack on Ukraine and now the government has announced that it is partnering with crypto exchange platform FTX and staking platform Everstake to launch a website where people that intend to make donations can do so.
Following Russia’s attack on Ukraine, electronic transfers of money as well as other traditional money transfer systems were halted and people started turning to cryptocurrencies to move money and more importantly, make donations to support the country and its military.
In the first week after the war broke out, NGOs supporting the Ukrainian military received cryptocurrency donations worth over $400,000, and the government received over $10 million via addresses it shared via its Twitter account. According to blockchain analytic firm Elliptic, about $1.86 million of the money the government received was generated from the sale of an NFT originally intended to raise funds for Julian Assange – the founder of WikiLeaks.
In the second week, the country had received more than $50 million in crypto donations – the government and NGOs supporting the military. A single donation of $5.8 million was received from Gavin Wood – founder of cryptocurrency Polkadot.
The website which the government is launching will allow people who want to send crypto donations to do so seamlessly and with ease. As explained by Ukraine’s ministry of digital transformation, the website tagged “Aid for Ukraine” is a platform that will accept donations in Bitcoin, Ether, Tether, Polkadot, Solana, Dogecoin, Monero, Icon and Neo and will help “to support people in their fight for freedom.”
The announcement from the ministry read “Jointly with the blockchain company Everstake and the cryptocurrency exchange FTX, we’ve launched the website ‘Aid for Ukraine” to collect crypto for supporting the army. We are grateful to everyone for their support and help.”
Following the attack on Ukraine and as a way of showing solidarity, companies around the world have stopped their operations in Russia. Some of these companies include PayPal, Visa, Mastercard, Nike, Adidas, Oracle, Netflix, Sony, Disney, Puma, Apple, Google and a host of others.
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Ibhadojemu Lucky Emmanuel is a graduate of Education and Economics from the University of Benin. He has a passion for tech and business and has been writing professionally for over a period of five years. He's written across various topics and segments and knew tech-business was it when he first stumbled on it. He has a great passion for music and arts, and wants to visit as many countries as he can someday.
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