https://ift.tt/BreFDbC Contributes $10 Million to Ukraine Following Russia Invasion

• Over the previous 24 hours, the amount received has almost doubled.
• The Ukrainian government has now received $18.9 million.

Banks and conventional means of money transmission are sluggish, costly, and sometimes controlled and monitored; crypto has emerged as the preferred option for fundraising and gifts. There have been several social media calls from Ukrainian officials to crypto enthusiasts this weekend, urging them to assist. On Saturday, Mykhailo Fedorov, Ukraine’s Vice Prime Minister and Minister of Digital Transformation announced three addresses for cryptocurrency contributions.

According to the crypto community, almost $19 million in digital asset contributions have been made since Russia invaded last week. Blockchain analytics company Elliptic has revised its data as of February 27, 23:50 UTC, after first reporting that the total was $8 million on February 27. The Ukrainian government has now received $18.9 million, the bulk of which came through Mr. Fedorov’s request during the last two days. Over the previous 24 hours, the amount received has almost doubled.

Bitcoin Dominates

According to Elliptic’s analysis, Bitcoin and Ethereum have accounted for the bulk of contributions thus far, but US dollar stablecoins have also made a considerable contribution.

In all, 56.4 percent of the donations have come from Bitcoin, 31.8 percent from Ethereum, and less than one percent from stablecoins and other altcoins. According to Wu Blockchain, Polkadot’s creator was willing to give, provided that an address with the DOT suffix was available. Binance, the world’s biggest cryptocurrency exchange, has made a $10 million contribution to the cause. 

On February 27, the firm made the announcement, noting that:

“The donation will be split between major intergovernmental organizations and nonprofit organizations already on the ground, including UNICEF, UNHCR, the UN Refugee Agency, iSans and People in Need, to help support displaced children and families in Ukraine and its neighboring countries.”