The Ukrainian military has reportedly received Bitcoin donations amounting to $400,000 in a single day as a global response to Russia’s invasion of the country.
Ukraine Supporters Rush To Send BTC
Bitcoin transactions to Ukraine soared as donors worldwide rushed to send money to support the country’s military defense against the Russian invasion. In addition, multiple Ukrainian NGOs and volunteer groups have recently been working to fight off the Russian offensive and provide relief in war-struck areas. In the last few weeks before the Russian attack, these organizations experienced a surge in donations via cryptocurrency. The funds received by these organizations are being used to equip the army, buy medical supplies and drones, and even support the development of a facial recognition app to identify Russian agents.
Surge In BTC For Ukraine Army
Recent data from the blockchain analytics company, Elliptic, has shown that one organization, Come Back Alive received around $400,000 in Bitcoin to provide support to the Ukrainian armed forces, in just a 12-hour window on Thursday.
The head of research at Elliptic, Jess Symington, reported about Come Back Alive,
“This group provides support to the Ukrainian army by supporting their soldiers. They’ve received very, very small amounts of donations since August 2021…$4 or $5k a month. And then suddenly it just shot up starting about the 22nd of February.”
Crypto Crowdfunding For War: Elliptic Scientist
Crypto donations to support pro-Ukraine efforts have happened for a while now. The NGOs and volunteer groups supporting the country’s war efforts against Russia had managed to raise over $570,000 in crypto donations in 2021.
Chief Scientist at Elliptic, Tom Robinson, commented,
“Cryptocurrency is increasingly being used to crowdfund war, with the tacit approval of governments.”
The Elliptic report also indicates that digital assets have emerged as a vital alternative funding method that allows international donors to avoid traditional payment pathways that may block transactions to these groups.
Longstanding Tradition Of Crypto Crowdfunds
Ukraine is no stranger to having crowdfunded initiatives involved in matters of national importance. It all started back in 2014 when Russia successfully occupied Crimea, a previously Ukrainian territory with a majority Russian population. Even though the funds raised by both sides were not sufficient to make an impact, it triggered a chain of crypto adoptive policies that have made Ukraine one of the crypto-friendly nations in the world. Ukraine’s former president Victor Yanukovych was also removed from office back in 2014 during the Maidan Revolution which was supported by the crowdfunding efforts of the country’s NGOs.