The Ukraine government requested donations and other assistance to deal with the Russian invasion. These funds will be used to provide aid to all those who are affected. The crypto community has rallied to show their support for this small country. This proves yet again that crypto is the choice of most people to do fundraising and donate. This call for support was made by the Vice PM Mykhailo Fedorow, who also holds the Digital Transformation portfolio.
The cryptocurrency community enthusiastically raised $19 million in BTC and ETH in just a week. Of According to Reuters reports, the total in donations stood at $8 million on Sunday, Feb. 27th. The amount of donations doubled to stand at $18.9 million and this information was gathered by analytics firm, Elliptic. Breaking it down by crypto asset categories, the information states that most of it is in BTC and ETH. Stablecoins also form a significant part of the donation.
The breakdown is as follows – 31.8% in ETH, 56.4% in BTC and 10.9% in stablecoins. The founder of the Chinese crypto outlet Wu Blockchain said that he would also donate if an address was provided. Binance, the world’s largest exchange also heeded the call for help with a $10 million donation. IT also set up a crypto portal for donations called the Emergency Relief Fund for Ukraine. Donations are pouring from many crypto investors and companies. It pledged 16,000 tokens of its own to Ukraine and expects a lot more to come in.