Ukraine has received $37M in tracked crypto donations so far. Developers from Polkadot and VeChain have put an additional $13M on the table as well.
The advent of blockchain technology has undoubtedly disrupted every industry. Cryptocurrencies play a significant role in their evolution, be it finance, healthcare, or philanthropy. For example, cryptocurrencies have become the best way for making charitable donations, as they make the entire process transparent and accountable. The donations are recorded on the distributed ledger and are tamper-free.
The use of cryptocurrencies for donations and raising funds is evident from the current Russia-Ukraine conflict. It is estimated that Ukraine has received over $37M donation in tracked crypto so far. In addition, the developers from Polkadot and VeChain have added $13M more to support Ukraine.
Breaking down the Donations
It is not practically possible to track every crypto transaction to Ukraine. Still, as a fair tracking, it could be estimated that the Ukrainian government, charities, and military have received over $37 million till yesterday. The tracked donations are only from the biggest names and projects in the industry and do not include small individual contributions. Almost all the major crypto assets, including BTC, ETH, UDT, and other altcoins, were used.
Reserve Fund of Ukraine, backed by the country’s cryptocurrency exchange Kuna becomes the biggest recipient of crypto donations, raising approximately $13 million through major cryptocurrencies. Also, $7.2 million is raised by Come Back Alive, a Non-government organization to support the Ukrainian army’s resistance efforts. Following these organizations, UkraineDAO, a Russian Feminist protest music group, seeks to sell their artworks in the form of NFTs. The highest bid stands at $2.89 million.
As their part, the activists in the blockchain community created Unchain Fund to raise funds for Ukraine. Though the initiative supported a plethora of altcoins like BUSD, BNB, and NEAR, most donations were through the NEAR token.
The reason behind raising funds
Anna Tutova, a member of Unchain Fund and a prominent socialite in the crypto community, explains the reason for raising funds. He says the raised money would be used for food, repair needs, and evacuation. Unchain Fund uses only crypto and uses multi-sig wallets to be transparent. Therefore, the funds should reach the destined end and serve the cause.
Extending to other cryptocurrencies!
But crypto enthusiasts are also asking the Ukrainian government to expand their acceptance of cryptocurrencies donations to other altcoins, not just BTC, ETH, and USDT. Here is the tweet of Sunny Lu, co-founder, and CEO of Vechain.
Around the same time, Gavin Wood, co-founder of Ethereum and creator of Polkadot (DOT) and Kusama, tweeted:
A Note for the Donors!
The fundraising efforts for Ukraine through crypto had gained a large attraction. People from nook and corner of the world are lending their hands through small donations they could afford, while few of the biggest names in the industry are donating millions. It is okay to donate, but always watch out for scams while you donate. Recently, an alleged con artist commented on all posts with his wallet address as the official fundraising crypto wallet address for helping Ukraine.