Key facts:
Binance Donated $10 Million to Ukraine Refugees and Opened a FundraiserBitcoin Cryptocurrency
The Ukrainian government has already spent close to USD 10 million of the donated resources.
The donations in bitcoin (BTC) and other cryptocurrencies that have been obtained due to the humanitarian emergency that Ukraine is going through after the Russian attack, have turned cryptoactives into a safe alternative for resources to be distributed effectively.
So far they have been registered around USD 37 million in donations in bitcoin and cryptocurrencies such as Binance Coin (BNB), ether (ETH), Ethereum’s native cryptocurrency, and tether (USDT).
Binance, one of the largest cryptocurrency exchanges in the industry, today announced the launch of a $10 million fundthrough its foundation.
“The donation will be divided among leading intergovernmental and non-profit organizations already on the ground, including UNICEF, UNHCR, the UN Refugee Agency, to help support displaced children and families in Ukraine and its neighboring countries”, detailed the company.
Additionally, the exchange opened a Ukraine Emergency Relief Fund, for its users to make their contributions in various cryptocurrencies. Up to the time of writing this article, there have been raised nearly $6 million.
In total, donations are calculated from the Binance initiative, which, in total, reach USD 16 million to provide aid to refugees and to support logistics on the ground such as food, fuel, and supplies.
Bitcoin donations continue
For its part, the company Elliptic made it known other initiatives to donate crypto assets to Ukraine that have reached USD 20 million.
Even the Ukrainian government itself became the first country in history to accept bitcoinether and other cryptocurrencies formally to finance the costs of a war, as CriptoNoticias reported.
According to the tracking of the movement of digital currencies in the blockchains, by Elliptic, the published addresses for Ukraine have received USD 13.6 million in 18,037 transactions.
Elliptic also claims that a delivery of USD 1.8 million was made from the USD 40 million raised by the sale of the NFT of the artist Pak, earlier this month. The purpose of the sale of the collectible was pay the legal team of journalist Julian Assangearrested in the United Kingdom, a fact reported by this medium.
Another charity project created by blockchain activists, called Unchain, to which several companies such as Polygon, Solana, Celo, among others, belong, has raised USD 1.5 million in ether, according to its website.
Yesterday also from one direction donated $1 million in bitcoin to the Government of Ukraine.
On the other hand, a Ukrainian non-governmental organization (NGO) called Come Back Alive, which provides support to the armed forces, also receives donations in bitcoin.
So far, the NGO has 111 BTC collected at its address, that is equivalent to USD 4.3 million, according to the CriptoNoticias price calculator.
Ukraine is using donations in cryptocurrencies
It is known that so far about $10 million of the donations sent have been spent to the Government of Ukraine. The resources are distributed from government digital wallets, created by Kyiv-based cryptocurrency exchange Kuna, CoinDesk reports.
“We are sending money to buy gasoline, food and water for people who are evacuating. We also send some money to military personnel who can buy some supplies locally. The government is also buying drones and thermal vision goggles,” said Kuna founder Michael Chobanian.
Explain what most purchases are made in Europe using blockchain. “Many of my friends in the cryptocurrency industry are helping me. We are sending them cryptocurrencies and they are paying [cosas] in euros,” he added. He further noted that most of the outgoing bitcoins are used for small transactions and that the government is saving funds to make larger purchases later.