Ukraine raised more than $54 million worth of crypto donations

As bitcoin donations flood in to help Ukraine’s struggle against Russia, the country has raised more than $54 million

According to fresh data from blockchain analytics firm Elliptic, more than 102,000 crypto asset donations worth $54.7 million have gone to the Ukrainian government and Come Back Alive, an NGO offering military support, since Moscow invaded on Feb. 24. Gavin Wood, the founder of the lesser-known cryptocurrency Polkadot, has made a single donation of $5.8 million to the cause.

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This week has seen an increase in donations, with roughly 72,000 coming in the last two days. So far, $18.2 million has been donated in ether, $17.2 million in bitcoin and $9.5 million has been donated in a combination of US dollar-tied stablecoins, including a $1 million anonymous donation in tether, a controversial token designed to be pegged to the US dollar.

The Ukrainian government is the first to accept cryptocurrency donations. All donations had to go through standard financial channels until Saturday, but the administration decided to get inventive on Feb. 26.

For the first time, Ukrainian government Twitter accounts began soliciting crypto-asset donations. Following a statewide declaration of martial law, the country’s central bank imposed restrictions on digital money transfers.

Bitcoin and other cryptocurrencies have grown in popularity because they allow users to avoid financial institutions that might block donations to Ukraine.

According to Elliptic, the bitcoin, Ethereum, Tron, Polkadot, Dogecoin, and Solana addresses indicated in the tweets have received over 96,000 cryptocurrency donations totaling $46.7 million of which went directly to the government.

“Cryptocurrency is particularly suited to international fundraising because it is censorship-resistant — there is no central authority that can block transactions, for example, in response to sanctions,” said Elliptic’s chief scientist, Tom Robinson.

Non-fungible tokens, or NFTs, have also seen an increase in donations.

Also Read: How to: Calculate your crypto taxes

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