The invasion of Ukraine by Russia triggered a new use case for cryptocurrencies. More than $100 million worth of crypto assets have been used in the humanitarian efforts in Ukraine to aid in different courses.
The crypto donations made towards the official wallet address for the Ukrainian government have been used for various efforts, including buying supplies for military aid for the Ukrainian army amid the ongoing conflict with Russia.
Ukraine uses crypto donations to buy gas masks and ATVs
The Ukraine minister for digital transformation, Mykhailo Fedorov, posted a tweet on Friday, saying that Ukraine had bought five all-terrain vehicles. Fedorov noted that these vehicles “will come in handy for a challenging environment.”
The ATVs will benefit the Ukrainian army, given that many roads have been damaged and destroyed because of the war. Three ATVs have been bought using the donations sent to Aid for Ukraine. Aid for Ukraine is a platform created by the Ukrainian government in March to “support people in their fight for freedom.”
Aid for Ukraine has raised over $60 million in multiple cryptocurrencies, including Bitcoin, Ethereum, Tether, Polkadot, Solana and USD Coin. Fedorov said that part of the donated cryptocurrencies had already been used by the government to buy 5000 gas masks fr the army and state border guards.
Aid for Ukraine funds have also been used to buy over 5000 “optical and thermal imaging devices.” These have been used by the Ukrainian military since the onset of the war. The devices help Ukrainians fleeing the war find accommodation and help. They can also access medical supplies, bulletproof vests, vehicles and clothes.
Ukraine is also accepting NFT donations
Non-fungible tokens (NFTs) have become increasingly popular over the past year, and the Ukrainian government is embracing this innovation to support the county’s war efforts and generate funds needed to support the Ukrainian military and citizens.
In April, Fedorov announced that the country was open to accepting NFT donations. The NFTs would be sold to facilitate the war efforts. A Bored Ape Yacht Club (BAYC) NFT has already been donated. The government also recently unveiled a charity NFT collection that will be sold to generate more funds needed for the war. The collection features pieces created by video game developers and digital artists.
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