Crypto Donations to Ukraine Hit $30M as Crypto Trading Volume Soars

After Ukraine called for crypto donations from its official Twitter account, crypto aid to the country reached $30 million while trading volume on domestic exchanges also increased.

Analysis of data from cryptocurrency exchange Coingecko shows that its trading volume has skyrocketed from $1.4 million to $4.8 million, with the highest trading pair being hryvnia (UAH). This surge is the highest in the crypto exchange since May 2021.

Crypto donations to Ukraine reach $30 million

As tensions between Russia and Ukraine continue, Ukraine released the following tweet calling for donations on its official Twitter account:

“They were on the side of the Ukrainian people. We now accept crypto donations. Bitcoin, Ethereum and USDT”.

After this call, while crypto donations continued, the last recorded value was $30 million. Current support is said to be at $27.2 million. Continued support and best wishes.

Data from blockchain analytics firm Elliptic notes that the Ukrainian government and NGOs have raised $17.2 million in cryptocurrency. Cryptocurrency exchange Binance has donated a $10 million emergency fund to help war-affected Ukrainians.

Binance CEO Changpeng Zhao announced on his Twitter account that the company had donated $10 million to humanitarian relief initiatives.

“Binance is raising $10 million to help with the humanitarian crisis in Ukraine and @BinanceBCF has launched the first crypto crowdfunded Ukraine Emergency Fund. Our focus is on on-site support. We are all about people.”

Contributions include a variety of organizations including non-profit organizations and government agencies for courses including military support and humanitarian initiatives.

Ethereum co-founder Vitalik Buterin became one of the names behind crypto donations in support of various humanitarian initiatives.

Most donations are mainly made in Bitcoin, Ethereum and Tether. The use of cryptocurrencies in donations also validates the industry’s ability to enable fast, cross-border transfers that bypass financial institutions.

Call of the Deputy Prime Minister of Ukraine for cryptocurrency exchange

Deputy Prime Minister of Ukraine Mykhailo Fedorov has invited crypto exchanges to freeze Russian users’ blockchain addresses to help Ukraine protect itself from Russian aggression. In a tweet published on Sunday, Fedorov stressed the importance of blocking crypto access for both Russian and Belarusian politicians and restricting transactions by ordinary users of the country.

The demand comes after sanctions froze the assets of Russia’s four largest banks, reduced reliance on Russian oil exports and barred them from SWIFT, Russia’s payment network. On Friday, one of the largest Ethereum mining pools stopped supplying Russian users in favor of Ukraine.

The total trading volume of cryptocurrencies on exchanges in Ukraine is increasing

Crypto activity in Ukraine continues to surge as the ongoing war drives it up.

According to available data sources, cryptocurrency exchanges in Ukraine are witnessing increasing crypto trading activity. Within days, demand for digital assets, especially bitcoin and tether, surged, causing the value of these coins to rise against Ukraine’s national currency, the hryvnia.

Due to the recent war, the National Bank of Ukraine has decided to limit daily cash outflows and limit cash withdrawals to 100,000 hryvnia ($3,350).

However, it was the restriction on cash withdrawals that proved to be a powerful stimulus for crypto trading activity in Ukraine.

For example, Kuna, a cryptocurrency exchange that offers trading opportunities in the local currency hryvnia and Russian ruble, saw an increase in trading volume immediately after the February 24, 2022 announcement.

Analysis of data from cryptocurrency exchange Coingecko shows that its trading volume has skyrocketed from $1.4 million to $4.8 million, with the highest trading pair being hryvnia (UAH). This surge is the highest in the crypto exchange since May 2021.

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