Donated over $4 million in cryptocurrency to Ukraine
This money was raised by NGOs and volunteers in Ukraine to increase military equipment and medical supplies.
CNBC cited Elliptic analytics data showing NGOs and volunteers mobilized in Ukraine 4.1 million dollars in the form of a cryptocurrency.
On February 24 alone, one organization received more than 675,000 bitcoins. This number is more than increasing 3.4 million dollars on the morning of February 25th
Typically, these organizations receive donations from private donors via bank transfer or payment app. However, the rise of Bitcoin has turned the cryptocurrency into a vehicle for cross-border financing.
“Cryptocurrencies are particularly well-suited to international fundraising because of their cross-border and censorship-resistant capabilities. No central authority can block transactions, not even sanctions,” said Tom Robinson, research director at Elliptic.
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The fierce war in Ukraine has paralyzed the banks’ money transfer system. Photo: Getty. |
The source said that this cryptocurrency is expected to be used by organizations to upgrade military equipment, medical supplies or technology for the Ukrainian army.
Come Back Alive, a volunteer organization in the country, began accepting cryptocurrencies in 2018. In addition to basic needs, the group is also funding the development of an onboard reconnaissance and targeting system.
In addition to cryptocurrencies, several other rights groups accept digital assets such as NFT.
Amid the intense war, many Ukrainian banks’ money transfer system has been paralyzed, forcing people to turn to cryptocurrency transactions.
Kuna, a popular cryptocurrency exchange in Ukraine, said domestic users are paying more to buy stablecoin Tether (USDT).
“We don’t trust the government. We don’t trust the banking system. We don’t trust the local currency. The majority of people have no choice other than cryptocurrency,” Michael Chobanian, founder of Kuna, said in an interview with Coindesk.
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