Cryptocurrency plays a crucial role in the current Russia-Ukraine conflict. Ukraine has received millions in crypto donations in Bitcoin (BTC), Polkadot (DOT), and Ethereum (ETH). The original meme coin DOGE is the latest crypto to join the list of accepted tokens by Ukraine.
Dogecoin for Ukraine
Mykhailo Fedorov, Ukrainian Vice-Prime Minister, stated they now accept donations in Dogecoin. He added that Dogecoin now surpasses Russian rubble as far as value is concerned.
Cryptocurrency Donations amid War
The Ukrainian government had revealed plans to add more tokens to the accepted list for donation to ensure military endurance amid the Russian invasion.
That marked the first cryptocurrency donation for conflict efforts, and the nation has received crypto donations worth over $35 million. Meanwhile, crypto donations gained more interest as Ukraine raised more than $10 million within a day.
Besides the Ukrainian government, organizations such as Come Back Alive accept crypto donations. Further, the government introduced UkraineDAO last week for fundraising amid conflicts.
A crypto exchange Uniswap created functionality that swaps ETH-based cryptos into Ether and sends it to the Ukrainian address. Also, Fedorov thanked Polkadot’s co-founder Gavin Wood for $5M donations.
On Tuesday, Federov revealed the Aid for Ukraine Project. An Everstake, the Ukrainian government, and a blockchain network Solana partnership. That means the crypto community could donate Solana, among other tokens.
Moreover, Ukraine accepts NFT’s donations. They are unique assets like digital art stored with blockchain technology to track and verify each non-fungible token. Meanwhile, the nation receives nearly $35 million through more than 35,000 tokens since the war started (data from blockchain analytic firm Elliptic).
Though crypto donation backs Ukraine’s military efforts, the nations raised more months through war bonds, collecting around $270 million (8.14 billion hryvnias). On Wednesday, the government declared an airdrop.
That is where an entity or individual provides free crypto giveaways. However, details were few, and no one knew who would receive the intended tokens.
Speculators suggest Russia might use crypto to escape sanctions. That saw Federov calling leading crypto exchanges to suspend Russian accounts. However, the trading platforms seem to decline such requests.
Stay around for more cryptocurrency updates.