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March 3, 2022

Ukraine Has Raised $35 Million in Cryptocurrency Donations

Ukraine has expanded the types of cryptocurrencies it accepts for donations as Russia’s invasion continues.

Since the Russian invasion began, the Ukrainian government has raised $35 million in crypto-asset donations, according to Elliptic, a blockchain analytics company.

Ukraine is expanding the types of cryptocurrencies that it will accept as donations. The announcement comes as military experts predict that Russia’s attacks will become more ferocious and destructive.

Aside from cryptocurrency donations, Ukraine has raised funds through war bonds, which totaled 8.14 billion Ukrainian hryvnias ($270 million).

In the face of Russia’s invasion, Ukraine is accepting donations in the form of dogecoin and other cryptocurrencies. In response to the Russian invasion, Dogecoin and a number of other cryptocurrencies are now accepted as donations in Ukraine.

On Wednesday, Vice Prime Minister Mykhailo Fedorov stated that people can send dogecoins as donations. “Now memes can support our army and save lives from Russian invaders,” Fedorov tweeted. Fedorov mentioned a project he was involved with called Aid for Ukraine in a Twitter post on Tuesday.

Donation of Solana cryptocurrency and any other digital token based on Solana is now possible. Everstake is a cryptocurrency blockchain platform developed in partnership with the Ukrainian government.

Ukraine accepts non-fungible tokens as donations in addition to non-fungible tokens. An NFT is a one-of-a-kind work of digital art that is validated and tracked using blockchain technology.

Meanwhile, Uniswap, a cryptocurrency exchange, has created a feature that allows you to send ether to the Ukrainian government by converting any digital currency based on Ethereum. Ethereum is a platform on which applications can be developed.

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Fedorov also revealed that Gavin Wood, the founder of the Polkadot blockchain platform, sent $5 million in DOT cryptocurrency to Ukraine.

On February 26, Ukraine accepted the first cryptocurrencies for donations: bitcoin, ether, and the stablecoin tether. Stablecoins and other cryptocurrencies are backed by fiat currencies.

Cryptocurrencies have played a significant role in the Russian-Ukrainian conflict since its inception. Rumours circulated that Russians could use cryptocurrencies to avoid sanctions, but experts warned that this would be extremely difficult.