Aid for Ukraine successfully managed to gather crypto funds worth 54 million USD. The government-run fundraiser initiative aims to support the war facing European country. The fund will be allocated to strengthen the Ukrainian military operations. Defense forces could use this to buy more military equipment and hardware.
On Thursday, the Deputy Prime Minister of Ukraine, Mykhailo Federov announced the crypto funds on Twitter. Along with this, he went on to show gratitude towards the crypto community who sent the funds. He thanked them for saving Ukrainian soldiers’ lives since they could purchase equipment like helmets, bulletproof vests and night visions, etc.
The war between Russia and Ukraine is on the verge of entering its sixth month. Even today, there are no signs of the ongoing war in Europe to end anytime soon. Since the war escalated, both sides have witnessed their portions of goods and bads. Western countries and international communities imposed heavy sanctions on Russia. While Ukraine received support and aid from worldwide.
BTC and ETH in Crypto Funds
Ukraine’s Ministry of Digital Transformation detailed the crypto funds. According to the ministry, the funds include crypto assets such as bitcoin (BTC), Ethereum (ETH), Tether (USDT) and USD Coin (USDC). The overall fund consists of ETH the most with 10,190 ETH worth 18.7 million USD.
Moreover, there were 595 bitcoin (BTC) worth 13.9 million USD sent to the Aid for Ukraine. Along with USDT and USDC worth 10.4 million USD and 2.2 million USD, respectively.
FTX Serves For the Cause
Bahamian crypto exchange FTX facilitates crypto transfers within Ukraine. After receiving the crypto assets, the exchange converts it into fiat and sends the funds further to the National Bank of Ukraine.
Out of overall 54 million USD, approx 11.8 million USD reported to buy Unmanned Aerial Vehicles (UAVs) and 6.9 million USD to get armored vests. Further expenses include allocation of approx 3.8 million USD towards rations requirements of the military. Other 5.2 million USD will fund anti-war media campaigns and almost equal amount would include other military and medical expenditure.
Source: https://www.thecoinrepublic.com/2022/08/18/aid-for-ukraine-receives-54-million-usd-worth-crypto-funds/