This is what Ukraine is spending $54 million in crypto-donations on

Last Updated: 21 August 2022

The war in Ukraine is still going on. In a new attempt to defend the country against the Russians, $54 million in crypto has been spent on military equipment, armour, clothing, medicine, and vehicles. A senior minister said this on Twitter.

How was this spent?

The war-ravaged Ukrainian government spent $54 million, collected through cryptocurrency donations. Since the beginning of the war, several donations were made to assist non-governmental organisations (NGOs) and other defenders of Ukraine.

The largest part of the 54 million dollars was spent on unmanned aerial vehicles — also called UAVs. Here, $11.8 million was spent. In addition, $6.9 million was expended on armoured vests and $5.7 million on computer hardware and software.

These numbers were announced by Mykhailo Fedorov, Deputy Prime Minister of Ukraine and Minister of Digital Transformation of Ukraine. He has been reporting on crypto donations in this war since the beginning.

“With $54 million raised by AidForUkraine, we have provided our defenders with military equipment, armour clothing, medicine, and even vehicles. Thank you to the crypto community for the support since the beginning of the large-scale invasion! Donation by donation to the great victory,” Fedorov tweeted.

Crypto also essential in the bear market

These donations still appear to be essential in a Russia-ravaged country. Even during the bear market, reported Alex Bornyakov, the deputy minister of digital transformation. He said last month that “crypto has become an essential tool for Ukrainian defence. The flexibility and speed [of crypto] have literally saved the lives of our soldiers.”

These donations were made possible by various parties — including FTX and AidForUkraine – after Ukrainian President Volodymyr Zelensky legalised crypto. This gave the country millions in crypto donations for military and humanitarian aid in its war against Russia. This did not yet make crypto legal tender, but it did bring it out of illegality.

Author

  • Steven Gray is a journalist with a heart for crypto. He filters the wide range of news and ensures that it reaches the public in a comprehensible way. He often does this with the support of technical analysis.

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