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February 25, 2022

Ukraine Military Receives $4 million in Bitcoin Donations

Non-governmental organizations (NGOs) and volunteer groups in Ukraine have raised $4 million in bitcoin donations to aid soldiers fighting in the ongoing conflict with Russia.

According to Elliptic, a blockchain analytics firm, the NGOs had received several bitcoin donations in varying amounts, with one donor sending more than $3 million in digital currency.

The NGO Come Back Alive is one of the recipients of these donations. Come Back Alive, a Ukraine non-governmental organization founded in May 2014, raises funds to assist soldiers in times of war.

The organization, which began accepting cryptocurrency as a donation option in 2018, provides medical supplies, humanitarian aid, weapons, and psychological support.

This news comes at a time when Ukrainian NGOs and volunteer groups are raising funds through crowdfunding. Elliptic recently revealed that in 2021, these organizations raised a total of $570,000, with Come Back Alive receiving $200,000 in bitcoin.

Previously, NGOs and volunteer groups all over the world received donations in fiat currency. However, in recent years, these organizations have turned to crypto, viewing it as a dependable funding option and accepting it as donations.

One of the primary reasons crypto is being used as an option recently is because of its decentralized nature, which allows it to circumvent restrictions imposed by banks and other financial institutions.

A growing number of non-governmental organizations (NGOs) and volunteer groups are now accepting cryptocurrency as a means of raising funds.

In 2020, an NGO called the “Human Rights Foundation,” or HRF, began accepting Bitcoin donations through BTCPayServer, a self-hosted, open-source crypto payment processor.

Susan G. Komen, a breast cancer organization in the United States, announced a partnership with The Giving Block last month to accept cryptocurrency donations.

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Meanwhile, Ukraine Vice Prime Minister, Mykhailo Fedorovon, recently announced on Twitter that the country’s parliament passed legislation making Bitcoin and other cryptocurrencies legal in the country.