How Cryptos Are Helping Ukraine Raise Funds In Its Fight Against Russia?

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Bitcoin to the rescue: cryptocurrencies' role in Ukraine

Cryptocurrencies have taken on an unprecedented role in the war in Ukraine, helping the government raise millions of dollars to fund its fight against the Russian invasion.

Why has Ukraine turned to cryptocurrencies, and how is the nascent crypto industry changing its reputation and having an impact amid the clouds of war? 

How Much Crypto Has Been Raised?

At the outset of the conflict, Ukrainian officials posted addresses for two crypto wallets on their Twitter account, giving donors a direct and clear address to which to send contributions.

The wallets attracted more than $10.2 million (9.2 million euros) just four days after the start of the invasion.

Since then, more than $100 million worth of crypto has been raised, with the "Crypto Fund for Ukraine" run by Michael Chobanian -– the founder of the Ukrainian crypto exchange Kuna -– accounting for 60 percent of all donations. 

"We are still collecting crypto. It is being spent on aid like daily rations and bullet-proof vests and helmets," the 37-year-old Ukrainian told AFP.

Initially, two funds were set up, one for humanitarian purposes and the other to support the Ukrainian military.

However, after the violence escalated across Ukraine, the funds were merged and focused fully on supporting the military, said Chobanian. 

He said that the majority of crypto donations came in the form of Bitcoin, Ethereum and the stablecoin Tether –- a coin pegged one-to-one to the dollar.

What Are The Benefits Of Donating In Crypto?

Aid packages sent to Ukraine in fiat money from the United States and the European Union dwarf cryptocurrency donations, but the latter allow individuals to get involved.

US crypto charity, "The Giving Block", told