A lot of people have been giving the Ukrainian army crypto in the last 24 hours because Russian forces are still attacking the country.
More than $400,000 worth of digital tokens have been sent to the non-profit group Come Back Alive in the last 24 hours, according to research from blockchain and crypto analytics firm Elliptic. The group is a non-profit that raises crypto funds for the Ukrainian army. About $1,000 to $2,000 is what most people donate. At least 317 people have made donations in the last two days.
People have been giving to Elliptic for a long time now, and the company expects that number to rise by tomorrow, the company’s head of research told Fortune. There have been a lot of donations recently because of pro-Ukraine groups and pro-crypto groups on social media sites like Twitter and Facebook.
People have been giving crypto to support pro-Ukraine efforts for a long time now, but not just in the last few days. Over the last year, NGOs and volunteer groups used crypto crowdfunding to help Ukraine fight back against Russia. Over that time, they raised more than $570,000, which went to the Ukrainian army, cyber activists, and other groups, according to a February 8 report by Elliptic. This is how the analytics firm says it has tracked donations: It found crypto wallets used by different groups.
Importance of Crypto Digital Assets
Digital assets have become an important alternative funding method, according to a report from Elliptic in February. This means that international donors can avoid financial institutions that are blocking payments to these groups.
Crypto crowdfunding campaigns were launched by both pro-Russian and pro-Ukrainian groups after Russia took over a part of Crimea, which was then a Ukrainian territory with a majority Russian population. But the money they raised wasn’t very big, says Symington.
Since then, Ukraine and Russia have seen a big rise in the use of crypto. Today, Ukraine is one of the best places in the world to buy and sell cryptocurrencies. Blockchain data firm Chainalysis says the country is fourth in the world when it comes to using crypto. Every year, $8 billion moves in and out of it, and that’s according to a report from October 2021.
A bill to legalize cryptocurrency was also passed by the government of Ukraine last week. This is the first step in setting up rules and regulations for the digital assets.
During the past two weeks, cryptocurrency prices have dropped because of fears that Russia would invade Ukraine. The market has lost $150 billion in value since Putin ordered Russian forces to invade Ukraine early Thursday morning.
Wednesday, Ukraine set up a special bank account for donations for its soldiers. This account will only be used to get money for the troops. Still, the Ministry said that it can only accept money in the form of cash. It can’t accept donations in cryptocurrency or through other payment systems, like PayPal.
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