Because it has many advantages over traditional money transfer methods, such as banks, which can be slow, expensive, restricted, and sometimes monitored, crypto is now the preferred method for fundraising and donations.
In a series on social media appeals, the Ukrainian government asked the crypto community for support. On Saturday, Mykhailo Fedorov, Vice Prime Minister and Minister for Digital Transformation, posted three addresses to solicit crypto donations.
Support the people of Ukraine. We now accept cryptocurrency donations. Ethereum. Bitcoin and Tether (USDTtrc20).
BTC — 357a3So9CbsNfBBgFYACGvxxS6tMaDoa1P
ETH — 0x165CD37b4C644C2921454429E7F9358d18A45e14
USDT (trc20) — TEFccmfQ38cZS1DTZVhsxKVDckA8Y6VfCy
— Mykhailo Fedorov, @FedorovMykhailo, February 26, 2022
He appealed to cryptocurrency exchanges to block Russian users on Sunday
“I am asking all major crypto exchanges for the blocking of Russian addresses. It is crucial that you not only freeze addresses associated to Russian and Belarusian politicians but also ordinary users.
Crypto Community Responds to the Call
Since the Russian invasion, almost $19 Million in digital asset donations have been received by the crypto community.
Reuters reported a total amount of $8 million on February 27, but Elliptic, a blockchain analytics company, has updated its figures as of February 27, 23:50 UTC. The current total received by Ukraine’s government is $18.9 Million. Most of this was received over the last two days via Mr. Fedorov’s appeal.
Over the last 24 hours, almost twice as much has been received
Elliptic broke down donations by crypto-asset and revealed that “the majority” of donations to date were in Bitcoin and Ether. However, US Dollar stablecoins make up a substantial portion.
Over half of the donations, 56.4%, have been made in Bitcoin. 31.8% was Ethereum. 10.9% has been stablecoins, and less than 1% has been given to other altcoins. According to Wu Blockchain, the founder of Polkadot was willing to donate…if there were DOT addresses available.
Gavin Wood, founder of Polkadot, stated that he would donate $5million if the Ukrainian government provided Polkadot with his address. Tom Robinson also stated that $1.86 million was the largest anonymous donation to the Ukrainian government.
Wu Blockchain (@WuBlockchain), February 28, 2022
According to the firm, crypto donations to Ukrainian hacking and volunteer groups have increased significantly since Russia’s invasion of Ukraine on Thursday.
Binance donates $10 million
Binance, the world’s most popular crypto exchange, has joined the effort with $10 million of its own donations. The company stated that the initiative was announced by Binance on February 27, and that it will accept $10 million in donations.
“The donation will be divided between major intergovernmental and non-profit organizations on the ground, UNICEF, UNHCR and the UN Refugee Agency to support displaced families in Ukraine and its neighbouring countries.
It also established a web portal for crypto donations called the Ukraine Emergency Relief Fund. It had received approximately $5.8 million in crypto donations from 214 donors, and 156 BTC. Binance claimed that it had pledged just more than 16,000 BNB tokens for the cause.
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