Warring Ukraine Launches Official Channel for Cryptocurrency Donations

Updated:

Ukraine has launched an official cryptocurrency donation channel to solicit funds to support its armed forces and humanitarian aid programs in its ongoing war with Russia.

The Ukrainian Ministry of Digital Transformation announced the website launch, termed “Aid for Ukraine,” on March 14. The cryptocurrency donation platform has partnered with staking service provider Everstake and giant cryptocurrency exchange FTX.

The vice prime minister of Ukraine, Mykhailo Fedorov, confirmed the website launch via Twitter, where he called for donations. The crypto donation website featured a page noting: “Aid For Ukraine is cooperating with the cryptocurrency exchange FTX which converts crypto funds received into fiat and sends the donations to the National Bank of Ukraine,” elaborating:

“This marks the first-ever instance of a cryptocurrency exchange directly cooperating with a public financial entity to provide a conduit for crypto donations.”

Ukraine Raises Over $50 Million in Cryptocurrency Donations

The Aid for Ukraine website listed the country’s official crypto addresses and the official bank account information of the Ukrainian government for donations. Interested donors can send an array of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Polkadot (DOT), Solana (SOL), Dogecoin (DOGE), Monero (XMR), Icon (ICX), and NEO N3 (NEO). For fiat donations, the Ukrainian government accepts USD, EUR, GBP, AUD, and CAD.

At press time, the website shows that donations are at $51,126,850.

The Ukrainian Ministry of Digital Transformation also detailed that the funds raised will be used in purchasing military equipment and “informational counteraction to Russian propaganda,” and a “global communication campaign on true events in Ukraine.”

The ministry also noted that donations will be used in “cybersecurity and digital infrastructure recovery, providing additional protection and migration of registers, [and the] purchase of technical special equipment and facilities.”

In early March, the Deputy Minister of Digital Transformation, Alex Bornyakov, explained that the government had spent over $15 million of donated cryptocurrency on military supplies, like bulletproof vests and night vision devices.

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.