The crypto industry is here to stay, says Ukraine’s minister

Amid weak sentiment in the cryptocurrency market, a minister in Ukraine said on Tuesday that the digital assets have played an important role in the country’s defense against the invasion of Russia, saved the lives of the country’s soldiers and that the cryptocurrencies will remain unscathed for a long time. run.

Ukraine raised over $125 million through crypto donations

According to reports, since an armed invasion by Russia, Ukraine has raised over $125 million through cryptocurrency donations that were spent on military aid and humanitarian aid. Also, about $1.25 million was raised through the sale of NFTs.

“Despite the ‘bear market’, crypto has become an important tool for Ukraine’s defense, providing flexibility and speed that literally saved the lives of our soldiers. Every crypto winter leads to a crypto spring, but the industry is here to stay,” said Alex Bornyakov, Deputy Minister for digital transformation in Ukraine.

Since Russia invaded Ukraine on February 24, an outpouring of support has poured in from various avenues and personalities from around the world.

Ukraine asks for global help

Aside from humanitarian aid from various organizations, Ukrainian officials have appealed to the global crypto community to support their fight by donating crypto assets, while artists have resorted to issuing Ukraine-themed NFTs and channeling the proceeds to the cause.

After a massive sell-off of cryptos from an all-time high set last November, crypto donations to Ukraine have declined over the past two, prompting Bornyakov to appeal for fresh help last month.

“Although Ukraine raised over $135 million in crypto in response to the Russian invasion, the first wave of crypto donations has died down. We still need your help. Support our defenders via @_AidForUkraine,” the minister tweeted last month.

A large portion of these funds have already been used to provide essential necessities such as food for civilians and protective equipment for the country’s soldiers, and President Volodymyr Zelenskyy reiterates his belief that digital assets could provide an economic breakthrough for countries like Ukraine that are assessing Russia’s threats to its banking system.