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How Cryptocurrencies are Being Used to Help Ukraine

How is Bitcoin being used to help Ukraine? Ukraine has increased its cryptocurrency use in recent years, and it seems that the nation is committed to make cryptocurrency a major part of its economy. And, right now, Bitcoin is proving to be a valuable asset in the confrontation between Ukraine and Russia. So, how are individuals now spending their crypto cash to help Ukraine?

Official Crypto Wallets in Ukraine

At the end of February 2022, as tensions between Russia and Ukraine grew, Ukraine’s official Twitter account revealed the addresses for two crypto wallets, encouraging people to give their Bitcoin, Ethereum, or Tether instead of conventional cash.

Ukraine’s account added a remark under its initial tweet a few days later, claiming that they had also launched a Polkadot wallet and providing its address. With over 200,000 likes and almost 60,000 retweets, it’s reasonable to conclude that Ukraine’s crypto contribution appeal has reached hundreds of thousands of individuals.

After Ukraine’s Vice Prime Minister tweeted a Dogecoin wallet address, Dogecoin donations are now being accepted. Furthermore, since many NFTs (non-fungible tokens) have significant value, they are accepted as contributions. As a result, there are now various avenues for users to give using cryptocurrency, with both individuals and corporations willing to assist.

With the Help of Big Names

Hands full of bitcoins

Popular cryptocurrency exchange Uniswap launched a new service on March 1st that allows users to convert ERC-20 altcoin tokens (such as LINK and MANA) into Ethereum, which can then be contributed to Ukraine’s official Ethereum wallet.

In addition, Gavin Wood, the creator of Polkadot, has made a one-time donation of $5.8 million in DOT tokens to Ukraine. His promise of a large Polkadot gift prompted Ukraine to establish its own official Polkadot wallet, which is still accepting donations.

Donations Received So Far

Despite the fact that Ukraine has only been accepting crypto donations for a short time, individuals from all over the globe have already banded together to make significant contributions. A total of over $52 million in crypto contributions has been given to the Ukrainian government and an NGO that supports the country’s military in only a few days.

In only one day, one organization raised $1 million in cryptocurrency, with a number of additional groups contributing similarly large sums. On top of that, a $6.5 million NFT of the Ukrainian flag was auctioned off and given to Ukraine.

A CryptoPunk NFT valued roughly $200,000 was also contributed by another user, along with a number of additional NFTs (though it is not yet known whether these have been sold by Ukraine). These monies will be used to bolster Ukraine’s troops and purchase basic goods for the country’s citizens.

Donations to cryptocurrency in Ukraine are still increasing.As time passes, more organizations and people give cryptocurrency to help Ukraine. Despite the fact that the future of the Ukraine-Russia war remains unknown, it is apparent that individuals from all over the globe are ready to help where they can.

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