According to the Ukrainian Deputy Prime Minister, the crypto community has donated an astonishing $54 million through Aid For Ukraine to support the nation’s military actions against Russia, Cointelegraph noted.
According to Ukraine’s Deputy Prime Minister Mykhailo Fedorov’s Twitter post, the $54 million was channeled through the Ukrainian government-run project Aid For Ukraine. Fedorov praised the crypto community for their assistance.
“Every helmet, bulletproof vest, and night vision device save the lives of Ukrainian soldiers. Thus, we must continue to support our defenders. Thanks so much to everyone from the crypto community for supporting Ukraine,” tweeted Fedorov.
The majority of the $54 million in aid for Ukraine, according to the Ukrainian Ministry of Digital Transformation, came in the form of 10,190 Ether (ETH), valued at $18.7 million, 595 Bitcoin (BTC), valued at $13.9 million, Tether (USDT), valued at $10.4 million, and USD Coin (USDC), valued at $2.2 million.
Unmanned aerial vehicles (UAVs), which are frequently used to identify enemy forces and plan attacks, cost $11.8 million and were purchased with cryptocurrency payments for military gear, weapons, and other supplies. The donations included $6.9 million for armour vests, $3.8 million for field rations, $5.2 million for media campaigns opposing the conflict, and $5 million for “weapons of the [Ukraine] Ministry of Defense request,” among other military and medical supplies, noted Cointelegraph.
“Crypto is playing a significant role in Ukraine’s defense,” said Deputy Minister of Digital Transformation of Ukraine Alex Bornyakov.
Creator of the Ukrainian cryptocurrency exchange KUNA According to Mike Chobanian, the contributions from the cryptocurrency community have demonstrated the influence that blockchain technology may have on nation-states, and in emergency situations, it can operate as the “backbone of global security.”
Aid For Ukraine operates by depositing cryptocurrency into the fiat cryptocurrency exchange FTX, which subsequently withdraws and transfers the funds to the National Bank of Ukraine.
(With insights from Cointelegraph)