President of Ukraine Volodymyr Zelensky on February 25, 2022 in Kiev holds a press conference on Russia’s military operation in Ukraine.
Anadolu Agency Getty Images
The Ukrainian government has raised more than $ 10 million in cryptocurrency donations, resorting to an unlikely crowdfunding method to help it overcome a brutal invasion by Russia.
The official Twitter account of the Ukrainian government on Saturday posted addresses for two crypto-wallets, only one accepts bitcoin and the other takes ether and tether, a token that tracks the value of the U.S. dollar.
As of Sunday, those wallets had raised a cryptocurrency worth $ 10.2 million research from an analytical company on the Elliptic blockchain. It’s on top millions in digital currency donated to non-governmental organizations supporting the Ukrainian military.
Approximately $ 1.86 million of the money transferred to the government of Ukraine was obtained through the sale of non-reciprocal tokens (NFT), originally intended to raise funds for WikiLeaks founder Julian Assange, according to Elliptic.
NFTs are unique digital assets designed to represent the possession of virtual objects such as works of art or video game characters.
The draft shows how Ukraine turned to the crypt for help during Russia’s military offensive in the country, which began on Thursday.
“Come Back Alive”, an NGO that provides equipment to the Ukrainian military, has been accepting crypto donations since 2018. Since the Russian invasion began, it has amassed a digital currency worth millions of dollars.
According to Elliptic, the total amount of crypto-donations to the Ukrainian government and NGOs supporting the military is $ 16.7 million.
“Crypto assets such as bitcoin have become an important alternative to crowdfunding,” wrote Tom Robinson, Elliptic’s chief scientist, in a blog post Sunday. “They allow for quick cross-border donations that bypass financial institutions that may block payments to these groups.”
Come back alive was yours The Patreon fundraising page has been suspended this week, the company said it “does not allow any companies involved in violence or the purchase of military equipment.” Patreon allows users to earn monthly income through paid subscriptions.
Initially, the Ukrainian military suggested that they could not accept funds in digital currencies on bitcoins, a statement on the government website said that “national law does not allow the Ministry of Defense of Ukraine to use other payment systems (Webmoney, Bitcoin, PayPal, etc.). e.). »
However, the government appears to have softened that stance.
Separately on Sunday, the Minister of Digital Transformation of Ukraine Mikhail Fedorov called on major cryptocurrencies to block payments to Russian users.
“It is important not only to freeze addresses related to Russian and Belarusian politicians, but also to sabotage ordinary users,” Fedorov wrote on Twitter.
US, European allies and Canada on Saturday agreed to remove some Russian banks from Swift, interbank messaging system. They also agreed not to allow the central bank of Russia to place its international reserves in a way that could undermine sanctions.