Ukraine spends US$54 mln in crypto donations towards war supplies

  • In Business
  • 2022-08-19 01:44:33Z
  • By Forkast News

The embattled Ukrainian government has spent US$54 million, raised through donations in cryptocurrencies, to supply defenders with military equipment, armor, clothing, medicines and vehicles, a senior minister said.

See related article: Vitalik Buterin says he used Tornado Cash to donate to Ukraine

Fast facts

  • Ukraine spent the highest amount - US$11.8 million - on unmanned aerial vehicles (UAVs), Mykhailo Fedorov, Vice Prime Minister of Ukraine and Minister of Digital Transformation of Ukraine, said in a post on his verified Twitter handle.

  • The country spent US$6.9 million on armored vests and US$5.7 million on computer hardware and software.

  • The donations were facilitated by Aid For Ukraine, an initiative by Everstake, FTX, and the Ministry of Digital Transformation of Ukraine.

  • Aid For Ukraine is cooperating with FTX which converts the received crypto funds into fiat and sends the donations to the National Bank of Ukraine.

  • In March, Ukraine's President Volodymyr Zelenskyy signed a virtual assets bill into law to legalize cryptocurrencies in a country that has been receiving millions in crypto donations for military and humanitarian aid in its war against Russia.

See related article: Ukraine's NFT museum of Russian conflict goes live


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