The Ukrainian government-run initiative “Aid For Ukraine” has raised $54 million worth of crypto funds thanks to the supportive crypto community. The fund will be used to support the war-torn country’s military efforts against Russia.
Mykhailo Fedorov, Ukraine’s Deputy Prime Minister, tweeted that every helmet, bulletproof vest, and night vision device saves the lives of Ukrainian soldiers. He said the country must continue to support the defenders. The leader thanked everyone from the crypto community for supporting Ukraine.
Aid For Ukraine’s $54 million, as per the Ministry of Digital Transformation of Ukraine, has mainly come in the form of 10,190 Ether, worth around $18.7 million, 595 Bitcoin – worth around $13.9 million, Tether (USDT) worth $10.4 million, and USD Coin (USDC) worth about $2.2 million. The government has used the funds for military equipment, hardware, and munitions, also including $11.8 million worth of unmanned aerial vehicles (UAVs). The funds were used on armor vests at $6.9 million, $3.8 million on field rations, $5.2 million on anti-war media campaigns, and $5 million on weapons as requested by the Ministry of Defense. Moreover, the funds were also spent on military and medical accessories.
Alex Bornyakov, the Deputy Minister of Digital Transformation of Ukraine, believes crypto is playing a significant role in Ukraine’s defense. Mike Chobanian, the founder of Ukrainian-based crypto exchange KUNA, said contributors from the crypto community have shown the impact that blockchain technology can have on nation-states. He says it can be the backbone of global security in times of need.