Crypto Donations Help Fund Ukrainian Military: 100K+ Respond to Call To Action
• The Ukrainian government turned to social media to ask for donations in cryptocurrencies when Russia began its invasion of Ukraine in February 2022.
• The response was overwhelming, with more than 100,000 people contributing to help the Ukrainian military effort.
• Crypto has been used to purchase combat essentials like helmets, bulletproof vests and optical sights for the military.
Ukraine’s Call To Action
When Russia began its invasion of Ukraine in February 2022, the Ukrainian government turned to social media to ask for donations in bitcoin, ethereum, stablecoin and other types of cryptocurrencies. The response was overwhelming, with more than 100,000 people contributing to help the Ukrainian military effort.
Crypto For Military Aid
The use of cryptocurrencies for military aid is not just limited to donations. According to Alex Bornyakov, the Ukrainian deputy digital minister, the country has been using crypto to purchase combat essentials like helmets, bulletproof vests, optical sights and other combat equipment.
Benefits Of Using Cryptocurrency
One advantage of using digital currencies for these purchases is the speed at which they can be completed. Traditional financial systems would have taken too long and the Ukrainian military needed help immediately; however, with crypto payments could be made quickly and efficiently. International donations poured in—nearly $55 million in a week back in March—proving that cryptocurrency donation is a quick and efficient way of handling large amounts of money.
Binance Emergency Relief Fund
Binance launched a “Ukraine Emergency Relief Fund” – a crypto-first crowdfunding site that accepts crypto donations easily – as well as recognizing cryptocurrencies officially since September 2021 in Kyiv (Ukraine’s capital city).
Conclusion
The conflict between Ukraine and Russia has shed light on the advantages of using digital currencies for both donations and purchases during times of crisis. With over 60% of military hardware suppliers accepting cryptocurrency payments quickly and efficiently it further proves that digital currencies are beneficial during times such as these.