Ukrainian NGOs receive half a million dollars in crypto donations

People are increasingly turning to cryptocurrencies like bitcoin to raise funds and donate as they offer a faster, cheaper, and easier way to make money where it’s needed.

8 report by blockchain analysis firm Elliptic revealed that hundreds of thousands of dollars in crypto donations have gone to Ukrainian non-profit organizations (NGOs) and volunteer groups.

Ukrainian NGOs receive half a million dollars in crypto donations

The report notes that crypto asset funding for such companies has increased by more than 900% in 2021 compared to the previous year. The organization added to its report that it has identified several crypto wallets used by these volunteer groups and NGOs that have received more than $570,000 in grants.

Banks and financial institutions often block payments to these groups, so cryptocurrencies have emerged as the preferred new funding method:

“Bitcoin has emerged as an important alternative funding method, allowing international donors to bypass the financial institutions blocking payments to these groups.”

It is believed that part of the funds were used to equip the Ukrainian army with military equipment, medical supplies and drones, while part of this went towards developing identification applications to identify enemy mercenaries or spies.

Elliptic Chief Scientist Tom Robinson said:

“Cryptocurrency is particularly well-suited for international fundraising because it respects national borders and is censorship-resistant — no central authority can block transactions to counter sanctions.”

The report notes that a number of Ukrainian NGOs and volunteer groups have close ties to the government, contributing to the “trend of countries turning to cryptocurrencies to wreak havoc.”

Crypto donations on the rise

Cryptocurrencies are becoming a popular choice for crowdfunding movements and protests, as centralized payment platforms often refuse to process payments, possibly due to pressure from investors.

The current “Freedom Convoy” in Canada has also moved into a crypto fund after GoFundMe refused to process the payments. The “HonkHonk Hodl” movement has moved to Bitcoin funding platform Tallycoin and has now raised 14.6 BTC worth an estimated $640,000.

A decentralized autonomous organization (DAO) formed to fund WikiLeaks founder Julian Assange’s freedom struggle has been inundated with crypto donations. AssangeDAO has a valuation of 17,422 ETH, which is worth about $54 million.

Join CoinCu Telegram to keep track of news: 

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Important NOTE: All content on the website is for informational purposes only and in no way constitutes investment advice. Your money, the choice is yours.