Ukrain Spent $54M on War Machines Through Donated Cryptos

Ukrain Spent $54M on War Machines Through Donated Cryptos

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The Vice Prime Minister of Ukraine, Mykhailo Fedorov, provided an update yesterday on how the country has used the $54 million in cryptocurrency donations it has received.

At a total cost of $11.8 million, unmanned aerial vehicles (also known as drones) were the most expensive component. After that, the nation spent a total of $5.7 million on computer hardware and software and $6.9 million on armored vests.

“With $54 M raised by @_AidForUkraine, we’ve supplied our defenders with military equipment, armor clothes, medicines and even vehicles. Thanks to the crypto community for support since the start of the full-scale invasion! Donation by donation to the big victory. Report below.“

According to the organization, almost sixty million dollars worth of cryptographic currency has been contributed since Russia began its invasion of Ukraine.

‘Aid For Ukraine,’ a non-profit organization supported by the cryptocurrency exchange FTX, Everstake, Kuna, and the Ministry of Digital Transformations of Ukraine, acted as a facilitator for the donations. Aid For Ukraine’s mission is to support both humanitarian efforts and the Armed Forces of Ukraine.

 

The Rise of Cryptos in Ukraine

Since the beginning of the invasion, crypto has been a major factor since it gives people all around the world and even in Russia a method to help the Ukrainian government’s efforts.

On February 26, the Ukrainian government asked for donations via tweet, including addresses for Bitcoin, Ethereum, and Polkadot. The tweet read, “Stand with the people of Ukraine.” After one week, fifty million dollars worth of cryptocurrency donations were sent to the government.

According to a report published by Elliptic, the donations included $5 million from the co-founder of Polkadot, Gavin Wood; a donation of $200,000 from CryptoPunk; and a donation of $1.26 million from the sale of an NFT by Julian Assange and digital artist Pak.

The Russian-Canadian co-founder of Ethereum, Vitalik Buterin, donated $2.5 million worth of Ethereum to Aid for Ukraine. According to Aid for Ukraine, this donation is equivalent to “worth 31,000 medical kits, 364,000 medical supplies, and 585 radio kits and stations for the Ukrainian military,” stated the charitable organization.

The Ukrainian Ministry of Digital Transformations has also developed the Meta History Museum of War, which features ready-to-buy NFTs of current chronicles of wartime events and occurrences. They have accomplished this by utilizing blockchain technology to their advantage.

Fedorov said in a tweet that while Russia is using tanks to attack Ukraine, they are relying on breakthrough blockchain technology.