Majority of Arms Suppliers to Ukraine Accepting Crypto as Payment: Report
The majority of the companies supplying arms to Ukraine in its defense efforts against Russia reportedly accept crypto-assets as payment.
According to a new report from Yahoo Finance UK, Alex Bornyakov, Ukraine’s deputy digital minister, says that around 60% of match vendors the country has done business with have been able to accept digital assets.
Bornyakov says that even some Russian citizens donated crypto-assets to Ukraine, and that digital assets are preferred as they are much more convenient compared to traditional currencies.
“If we used the traditional financial system, it would take days, we could secure the purchase of important goods in no time via crypto, and what is amazing is that around 60% of suppliers were able to accept crypto, I had not expected this.”
About 33% of donations came through the Crypto Fund Air For Ukraine program, which Bornyakov called an “absolute success,” according to the report.
“[The fund was] an absolute success, not only from the point of view of the amount of money raised, but also from the procedure, efficiency and speed of access to funds through crypto.”
War between Ukraine and its neighbor to the east broke out in February last year after Russia invaded Ukraine over a decade-long territorial dispute.
Ukraine immediately began asking for crypto donations through the government’s Twitter account, asking for Bitcoin (BTC), Ethereum (ETH) and stablecoin Tether (USDT).
Other assets accepted so far by Ukraine include Cardano (ADA), Solana (SOL) and Polkadot (DOT).
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Featured image: Shutterstock/zeber/Nikelser Kate
