The invasion of Ukraine by Russia triggered a brand new use case for cryptocurrencies. More than $100 million value of crypto belongings have been used within the humanitarian efforts in Ukraine to assist in numerous programs.
The crypto donations made in the direction of the official pockets tackle for the Ukrainian authorities have been used for numerous efforts, together with shopping for provides for army assist for the Ukrainian military amid the continuing battle with Russia.
Ukraine uses crypto donations to buy gas masks and ATVs
The Ukraine minister for digital transformation, Mykhailo Fedorov, posted a tweet on Friday, saying that Ukraine had purchased 5 all-terrain automobiles. Fedorov famous that these automobiles “will come in handy for a challenging environment.”
The ATVs will profit the Ukrainian military, on condition that many roads have been broken and destroyed due to the warfare. Three ATVs have been purchased utilizing the donations despatched to Aid for Ukraine. Aid for Ukraine is a platform created by the Ukrainian authorities in March to “support people in their fight for freedom.”
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Aid for Ukraine has raised over $60 million in a number of cryptocurrencies, together with Bitcoin, Ethereum, Tether, Polkadot, Solana and USD Coin. Fedorov mentioned that a part of the donated cryptocurrencies had already been utilized by the federal government to buy 5000 gas masks fr the military and state border guards.
Aid for Ukraine funds have additionally been used to buy over 5000 “optical and thermal imaging devices.” These have been utilized by the Ukrainian army for the reason that onset of the warfare. The units assist Ukrainians fleeing the warfare discover lodging and assist. They can even entry medical provides, bulletproof vests, automobiles and garments.
Ukraine is additionally accepting NFT donations
Non-fungible tokens (NFTs) have change into more and more in style over the previous yr, and the Ukrainian authorities is embracing this innovation to help the county’s warfare efforts and generate funds wanted to help the Ukrainian army and residents.
In April, Fedorov introduced that the nation was open to accepting NFT donations. The NFTs could be bought to facilitate the warfare efforts. A Bored Ape Yacht Club (BAYC) NFT has already been donated. The authorities additionally not too long ago unveiled a charity NFT assortment that will probably be bought to generate extra funds wanted for the warfare. The assortment options items created by online game builders and digital artists.
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