Ukraine Receives $13M Support From the Crypto Space

The Russian invasion of Poland is getting unprecedented attention from the crypto space. Last week, projects like Litecoin and CoinGatecom reached out to help the people of Ukraine. This week, the Ukrainian government announced wallet addresses to receive funds through Bitcoin, Ethereum, and USDC. Many other global projects from the DeFi sector have also reached out to help the people with basic necessities, like food, medical assistance, and shelters.

Following the tweet from Mykhailo Federov, welcoming financial assistance through cryptocurrencies, Sunny Lu from VeChain released his statement. The tweet from his official account expressed his willingness to contribute $8 million in VET if the Ukrainian government creates a wallet address and releases it. The announcement from Sunny Lu read, “nothing else matters compared to people’s lives.” Gavin Wood from Polkadot also put forth a similar request for a DOT address as he showed his readiness to donate $5 million in DOT.

EverGrow’s chairman, in an official note, announced that he would be transferring 5 billion EGC coins towards helping the victims of this invasion by Russia. He alluded to his family’s past when they had to flee their home country Poland in fear of the Nazi regime. Such strong messages coming from the crypto spaces seem to rejuvenate the morale of supporters of Ukraine. The total donations collected through the virtual currencies have already reached $13 million as per the recent reports. The Ukrainian government is using multisig wallets to keep donations transparent.

According to the crypto-analysis firm Elliptic, the aforementioned $13 million was contributed by more than 17,000 wallets in the last few days. Despite the announcements from popular crypto projects, the donations seem to mostly consist of BTC, ETH, and USDC. Apart from the donations to the central reserve, a non-governmental organization named Come Back Alive reported having received $7.2 million in Bitcoins in its wallet. The organization was founded in 2014 following the first attack on Donbas.

In addition, other independent organizations are hosting fundraising campaigns for this cause. The feminist sorority known as Pussy Riot from Russia is currently putting an NFT Ukrainian flag for auction. The recent bid is just thousands short of $3 million. Another independent community called Unchain Fund has taken the initiative to receive donations through coins like NEAR, BNB, BUSD, and more. The collection by Unchain remains at $ 1.5 million currently. The Ukrainian people have already got support from leading cryptocurrencies like Solana, Polygon, Gnosis, Gitcoin, and others. Moreover, prominent names in this sector like Vitalik Buterin and Elon Musk also extended their support towards this cause last week.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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