The cryptocurrency community has contributed an impressive $54 million in crypto funds through Aid For Ukraine, intended to support the country’s military efforts against Russia.as revealed by the Ukrainian deputy prime minister.
The USD 54 million has been channeled through the Ukrainian government initiative Aid For UkraineUkrainian Deputy Prime Minister Mykhailo Fedorov posted on Twitter on Thursday, who thanked to the cryptocurrency community for your support:
“Every helmet, bulletproof vest and night vision device saves the lives of Ukrainian soldiers. Therefore, we must continue to support our defenders. Thank you very much to everyone in the crypto community for supporting Ukraine!”
According to Ukraine’s Ministry of Digital Transformation, Aid For Ukraine’s $54 million has come mostly in the form of 10,190 Ether (ETH), worth $18.7 million, 595 Bitcoin (BTC), worth $18.7 million. 13.9 millionTether (USDT), worth $10.4 million, and USD Coin (USDC), worth $2.2 million.
Cryptocurrency payments have gone to military equipment, hardware, and ammunition, including $11.8 million worth of unmanned aerial vehicles (UAVs).which are often used to detect enemy troops and direct attacks.
A significant sum of the donations was also spent on armored vests, worth $6.9 million, along with $3.8 million in campaign rations, $5.2 million in anti-war media campaigns, and $5 million in “weapons at the request of the Ministry of Defence [de Ucrania]”among other military and medical accessories.
With $54M raised by @_AidForUkraine, we’ve supplied our defenders with military equipment, armor clothes, medicines and even vehicles. Thanks to the crypto community for support since the start of the full-scale invasion! Donation by donation to the big victory. Report below. pic.twitter.com/lifHAP8R4f
— Mykhailo Fedorov (@FedorovMykhailo) August 17, 2022
With the $54 million raised by @_AidForUkraine, we have provided our defenders with military equipment, armor, medicine, and even vehicles. Thanks to the crypto community for the support since the beginning of the full-scale invasion! Donation for donation to the great victory. Report below. pic.twitter.com/lifHAP8R4f
“Cryptocurrencies are playing an important role in the defense of Ukraine,” said Deputy Minister of Digital Transformation of Ukraine Alex Bornyakovon the government-linked donation website.
The founder of the Ukraine-based crypto exchange KUNA, Mike Chobanian added that contributions from the cryptocurrency community have demonstrated the impact that blockchain technology can have on nation-states, stating that it can serve as a “backbone of global security” in times of need..
Aid For Ukraine works by transferring cryptocurrencies on the FTX crypto exchange, which converts cryptocurrencies into fiat, and then withdraws and transfers them to the National Bank of Ukraine..
But Aid For Ukraine is not the only organization receiving funds to help Ukraine’s defense efforts. Reserve Fund of Ukraine, Come Back Alive, UkraineDAO and Unchain Fund have also contributed funds in the seven-figure range, although the amount of crypto-based funds they have taken has not been disclosed since March..
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