Ukraine has received over $70 million in the form of cryptocurrencies since the start of the Russian-Ukrainian conflict, providing the nation with military equipment and humanitarian assistance.
The figures came from a Feb. 24 report by blockchain data platform Chainalysis, which found the majority of the funds to have come in the form of Ether (ETH) and Bitcoin (BTC). ETH donors led the way with $28.9 million given, while donors of BTC and Tether (USDT) chipped in $22.8 million and $11.59 million respectively.
Donations have also come in the form of nonfungible tokens (NFTs), such as UkraineDAO’s auction of a Ukrainian flag NFT which sold for $6.1 million.
Around 80% of the total $70 million donated came in the first few months of the war, with the speed of cryptocurrency payments fast-tracking the country’s ability to respond to the Russian invasion, Ukrainian deputy digital minister Alex Bornyakov explained in an interview with Yahoo Finance UK on Feb. 24:"If we used the traditional financial system it was going to take days [... ] We were able to secure the purchase of vital items in no time at all via crypto, and what is amazing is that around 60% of suppliers were able to accept crypto, I didn't expect this."
The increased reliance on cryptocurrencies in Ukraine looks to have increased adoption in the country, with a September-released report by Chainanalysis finding Ukrainians to be the third highest adopters behind Vietnam and the Philippines.
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