In 2014, after Russia occupied a part of Crimea which was then a Ukrainian territory with a mainstream Russian population pro-Russian and pro-Ukrainian crowds both pushed Crypto crowdfunding campaigns, but the funds they raised were not major, says Symington.
Come Back Alive, a Ukrainian non-governmental association that increases Crypto funds for the Ukrainian army has obtained more than $400,000 worth of digital tokens in the past day, according to exploration from blockchain and Crypto analytics firm Elliptic. The typical amount provided is around $1,000 to $2,000, and the group has obtained at least 317 individual donations in the past two days.
The inbound donations “haven’t stopped,” and the businesses expect the number to increase by tomorrow, Jess Symington, Elliptic’s head of research, said Fortune. Pro-Ukraine groups and pro-crypto communities on social media platforms like Twitter and Facebook have funded to the recent great of donations, she declares.
People donating Crypto to upkeep pro-Ukraine determinations has not been limited to the past few days, though. NGOs and supporting crowds are using Crypto crowdfunding to help the country’s war exertion against Russia increase over $570,000 over the past year. Which left toward the Ukrainian army, cyber activists, and other groups, according to a Feb. 8 report by Elliptic. The analytics business states it has traced donations by identifying the Crypto wallets used by the various groups.
The increase of donations in Cryptocurrencies indicates that digital assets have “emerged as an important another funding method, letting international donors avoid financial institutions that are blocking payments to these communities,” Elliptic fixed down in a similar February statement.
Since then, Crypto implementation has increased in Ukraine and Russia. Nowadays, Ukraine is one of the top authorities worldwide for Cryptocurrencies. The country lines fourth worldwide in Crypto adoption, with $8 billion flowing in and out of the country every year, according to an October 2021 report from blockchain data firm Chainalysis.
The Ukrainian government last week also approved a bill to legalize Cryptocurrencies, the first step in setting up a structure for the regulation and management of digital assets.
Cryptocurrency prices have dropped in the past two weeks over fears of a Russian invasion of Ukraine, the market has lost $150 billion in value since Putin ordered Russian forces to conquer Ukraine early Thursday morning Moscow time
On Wednesday, Ukraine’s Ministry of Defense fixed up a designated bank account to accept donations for its groups. Still, the Ministry noted that it’s only able to obtain fiat currency and unable to accept donations in Cryptocurrencies through other payment systems, like PayPal.