With Russia’s invasion continuing, Ukraine has expanded the types of cryptocurrencies it accepts for donations.
According to Elliptic, a blockchain analytics company, the Ukrainian government has raised $35 million through crypto-asset donations since the Russian invasion began.
Ukraine is increasing the number of cryptocurrencies it will accept for donations. The news comes as military experts expect Russia’s attacks to become more ferocious and destructive.
Aside from cryptocurrency donations, Ukraine has also raised some money through war bonds, which have raised about 8.14 billion Ukrainian hryvnias ($270 million).
In the face of Russia’s invasion, Ukraine is accepting dogecoin and other cryptocurrencies as donations. Dogecoin and a number of other cryptocurrencies are now accepted in Ukraine as donations in response to the Russian invasion.
Vice Prime Minister, Mykhailo Fedorov said on Wednesday that people can send dogecoins as a donations. “Now memes can support our army and save lives from Russian invaders,” tweeted Fedorov.
In his Twitter post on Tuesday, Fedorov mentioned a project he was involved with called Aid for Ukraine.
- Solana cryptocurrency and any other digital token based on Solana are now available for donation. Everstake is a is a cryptocurrency blockchain platform created in collaboration with the Ukrainian government
- In addition to non-fungible tokens, Ukraine accepts NFTs as donations. An NFT is a unique piece of digital art that is verified and tracked using blockchain technology.
- In the meantime, the cryptocurrency exchange Uniswap has developed a feature that lets you send ether to the Ukrainian government by converting any digital currency based on Ethereum. Ethereum is a platform on which apps can be built.
- Moreover, Fedorov revealed that Gavin Wood, the founder of the Polkadot blockchain platform, sent to Ukraine $5 million worth of the DOT cryptocurrency.
- Bitcoin, ether, and the stablecoin, tether were the first cryptocurrencies accepted for donations by Ukraine on Feb. 26. Cryptocurrencies such as stablecoins are backed by fiat currencies.
Since the Russian-Ukrainian war began, cryptocurrencies have played a prominent role. Rumours have circulated that Russians could use cryptocurrencies to escape sanctions, but experts said this could be extremely challenging.
