Crypto Donations towards Ukraine for the war topped $50 Million crossing over 100,000 Transactions

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Crypto Donations towards Ukraine for the war topped $50 Million crossing over 100,000 Transactions
Crypto Donations towards Ukraine for the war topped $50 Million crossing over 100,000 Transactions

Donations of cryptocurrency to the Ukrainian government and various non-governmental groups to aid the country in its continuing war against Russia reportedly surpassed $50 million in even more than 100,000 transactions.

Crypto Donations Topped 50 Million Crossing Over 100,000 Transactions To Aid Ukraine

Thus according to Elliptic, the Ukrainian government and non-governmental organizations (NGOs) continuing to support the country’s military endeavors as well as humanitarian causes had already continued to receive cryptocurrency charitable contributions that are because the Ukrainian government’s official Twitter account shared wallet addresses for $BTC and $ETH.

Since that day, the country must have received a broader range of crypto assets, including meme-inspired cryptocurrency Dogecoin ($DOGE), Polkadot ($DOT), Solana ($SOL), Binance Coin ($BNB), and others.

Thus according to Michael Chobanian, CEO of Ukrainian cryptocurrency exchange Kuna, which has also been trying to support Ukraine’s cryptocurrency fundraising efforts, the $50 million mark was breached mostly with tokens upon that Bitcoin and Ethereum networks, with such a $5.7 million ability to contribute from Polkadot’s founder Gavin Wood going to help DOT hold out.

Other fundraising mechanisms, such as UkraineDAO, supplemented these funds. The decentralized autonomous organization auctioned off a non-fungible token (NFT) of the Ukrainian flag for millions of ETH, with the proceeds going to a non-governmental group.

Binance, a prominent cryptocurrency exchange, has indeed offered to give $10 million to “assist with the humanitarian catastrophe in Ukraine.” Donations in cryptocurrency are particularly beneficial because the rates of local fiat currencies have been volatile since President Vladimir Putin declared a “special military operation” against Ukraine, which has been regarded an invasion.

Thus according to CryptoGlobe, the Ukrainian cryptocurrency exchange Kuna has seen its trade volume skyrocket since Russia initiated its invasion. The exchange’s daily trading volume averaged roughly 45 million Ukrainian hryvnias (UAH).

On the day Russian soldiers entered Ukraine, the country’s trading volume skyrocketed to 150 million UAH, or almost $5 million.

Disclaimer:

The made by the author and everyone else’s thoughts or comments represented throughout this page are there for informative purposes solely and therefore do not represent financial, investment, or other advice. Investing inside or dealing in crypto assets carries financial risk.

Also Visit: Bitcoin ($BTC) pricing is speculated to reach $50,000 by end of March, says DeVere Group CEO

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