Support for Ukraine’s $54 million crypto fund buys vests, scopes and UAVs
The crypto community has poured in an impressive $54 million worth of crypto funds through “Aid For Ukraine,” aimed at supporting the country’s military efforts against Russia, Ukraine’s deputy prime minister has revealed.
The $54 million has been brought in through the Ukrainian government-run ‘Aid For Ukraine’ initiative, according to Ukrainian Deputy Prime Minister Mykhailo Fedorovs Twitter post on Thursday, thanking the crypto community for their support:
“Every helmet, bulletproof vest and night vision device saves the lives of Ukrainian soldiers. That is why we must continue to support our defenders. Many thanks to everyone from the crypto community for supporting Ukraine!”
According to the Ministry of Digital Transformation of Ukraine, Aid For Ukraine’s $54 million has largely come in the form of 10,190 Ether (ETH), worth $18.7 million, 595 Bitcoin (BTC), worth $13.9 million, Tether (USDT) worth $10 .4 million and USD Coin (USDC), worth 2.2 million dollars.
The crypto payments have gone to military equipment, hardware and ammunition, including $11.8 million worth of unmanned aerial vehicles (UAVs), which are typically used to detect enemy troops and direct attacks.
A significant sum of the donations was also spent on body armor at $6.9 million, along with $3.8 million on field rations, $5.2 million on anti-war media campaigns, and $5.0 million on “weapons from [Ukraine] Ministry of Defence’s request”, including military and medical accessories.
With $54 M raised with @_AidForUkraine, we have provided our defenders with military equipment, body armor, medicine and even vehicles. Thanks to the crypto community for support since the start of the full-scale invasion! Donation by donation to the big win. Report below. pic.twitter.com/lifHAP8R4f
— Mykhailo Fedorov (@FedorovMykhailo) 17 August 2022
“Crypto plays a significant role in Ukraine’s defense,” Deputy Minister of Digital Transformation of Ukraine Alex Bornyakov said on the government-linked donation website.
Founder of Ukrainian-based crypto exchange KUNA Mike Chobanian added that the contributions of the crypto community have shown the impact blockchain technology can have on nation-states, stating that it can serve as a “backbone of global security” in times of need.
Aid For Ukraine works by transferring crypto to the crypto exchange FTX, which converts crypto to fiat, and then withdraws and transfers to the National Bank of Ukraine.
Related: Ukraine has received $37 million in tracked crypto donations so far
But Aid For Ukraine is not the only organization raising funds to aid Ukrainian defense efforts. Reserve Fund of Ukraine, Come Back Alive, UkraineDAO and Unchain Fund have also contributed funds in the seven-figure range, although the amount of crypto-based funds they have taken in has not been disclosed since March.
