Ukraine Supports Defense Forces With Crypto Donations
As tensions between Russia and Ukraine linger, crypto donations to Ukraine’s defense forces are increasing.
Ukraine supports defense forces with crypto donations
Ukraine considers the use of cryptocurrencies as a defense against the Russian military. Blockchain analytics firm Elliptic announced that crowdfunding in Ukraine has grown by 900% since 2021, with most donations coming from Ukraine itself and not from other countries or organizations.
Thanks to Bitcoin, crypto funding has seen a significant surge. Despite the limitations of traditional financial systems, digital currency is emerging as an alternative channel for donors. Bitcoin enables people around the world to connect and create change that goes beyond their donations.
In 2021, NGOs and volunteer groups have crowdfunded over $500,000 worth of Bitcoin. That number represents a 900 percent increase from 2020. When the Ukrainian army was effectively dismantled in the face of Russian aggression, many citizens voluntarily took up arms to fight.
Fundraising campaigns in Ukraine are funded by crypto donations
Cryptocurrencies have become increasingly popular as a source of funding for fundraisers. Elliptic’s research also shows that when it comes to cross-border payments, crypto users can easily contribute to such organizations and, among other things, receive payments from them.
This type of fundraising process is new but popular with people looking for alternative ways to raise money. Come Back Alive, one of the organizations founded by Elliptic, supported the Ukrainian military by providing around $200,000 in grants between September and December last year.
Cybersecurity organizations have been funded by cryptocurrencies for many years. This organization is known as the Ukrainian CyberUnion. The group mainly conducts cyber operations against hackers and propaganda broadcasters based in Russia. It receives help from supporters around the world through Bitcoin donations or Litecoin mining initiatives. Last year they bought nearly $100,000 in bitcoin and other cryptocurrencies to fund operations against Russia.
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