On Tuesday, the Ukrainian government announced that it will officially welcome cryptocurrency donations through the Polkadot network. They are requesting bitcoin, Ethereum, or tether as payment.
Donations poured in over the weekend, and therefore, a blockchain data analytics business was formed. As a result, crypto contributions to the Ukrainian government have persisted. Polkadot’s creator, Gavin Wood, recently fulfilled a pledge by sending $5.7 million to the nation’s pocket.
According to CoinMarketCap, Polkadot has been one of the top 20 digital currencies by market capitalization. It has a market valuation of nearly $18.8 billion.
The dot coin was selling at $19.37 at the time of writing, up more than 14% on the day. It has increased by 33% ever since the beginning of the year, opposed to bitcoin’s 7% growth.
Ukraine Expands Blockchains to Contributors
Wood, who is also a co-founder of Ethereum, tweeted the total transaction Polkadot explorer hyperlink.
Elliptic reports that the Ukrainian government as well as NGOs are assisting the troops already generated $24.6 million. As a result, over 26,000 crypto asset donations have been gathered since the Russian invasion began. In his trade report on Tuesday, GlobalBlock analyst Marcus Sotiriou emphasized the effect of this on currency values.
Wood earlier stated that if Ukraine produced a DOT wallet to go along with its BTC, ETH, and USDT wallet addresses, he would donate $5 million to the country following Wood, several philanthropists have contributed to the DOT’s coffers. The wallet now has $5.8 million in DOT tokens from over 200 exchanges. TRON’s Justin Sun and cryptocurrency exchange Binance donated $10 million to help Ukrainians. Both are two other well-known philanthropists throughout the cryptocurrency field.
There were over 187 bitcoins have sent to Ukraine’s Bitcoin wallet. They have given approximately $7.47 million in ETH and ERC-20 USDT. As a result, the administration of the nation has announced that it would soon distribute wallet addresses for other coins.
Other charitable organizations in Ukraine, such as Come Back Alive, a Kyiv-based NGO, have also accepted cryptocurrency donations.
Crypto Penalties on Russia
On the opposite side of the battle, the international community has imposed harsh penalties on Russia. Up to this point, international nations have placed sanctions on Russia’s central bank and local institutions.
The much more unexpected development is Switzerland’s decision to join other nations in applying sanctions, despite having a neutral stance. To entirely isolate Russia from global trade, the European Central Bank and the United States are seeking to prohibit Russia from using cryptocurrency.
Christine Lagarde, the President of the European Central Bank, has urged authorities to speed up crypto monitoring in the area. Furthermore, the Wall Street Journal reports that cryptocurrency might be the subject of more Russian penalties.
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