Ukraine minister says crypto helped feed and equip military

Crypto donations have increased into millions, with the government and an NGO getting nearly $60 million in Bitcoin and other cryptocurrencies since the start of the war.

Ukraine has used funds received from crypto donors across the globe to “fight back” after Russia’s invasion of the country, a government official has said.

Crypto helped buy food and bulletproof vests as Ukraine “fights back”

According to Ukraine’s digital transformation minister Alex Bornyakov, the support received via crypto has seen the country buy much-needed military rations and protective gear.

The money has also been accessed at a more seamless and faster pace, allowing for the swift and efficient provision of these needs, Bornyakov added.

“Crypto was one of the ways we fight back,” the minister said on Monday.

According to him, the country’s appeal for cryptocurrency donations hinged on the fact that digital assets would help facilitate a faster response.

“With crypto, we can do those transactions in five minutes, in 10 minutes, and you don’t have to get that approval through banks,” he noted.

The minister then went ahead to spell what the government has spent the millions received on, noting that the global support has helped Ukraine’s military carry out its day-to-day operations.

“So far, we purchased 400,000 military grade rations for our army, because they really need this food. We [also] bought thousands of bulletproof vests, and other kinds of protection which helped our military in day-to-day operations,” Bornyakov said.

Nearly $60 million in donations so far

Data tracked by blockchain analytics platform Elliptic shows that by 8 March 2022, Ukraine and a major NGO in the country had received $59.7 million worth of crypto donations.

The money, whose flow peaked last week with a $5.8 million donation from Polkadot founder Gavin Wood, has been received in Bitcoin (BTC), Ethereum (ETH), Polkadot (DOT). USD stablecoins and other cryptocurrencies have also made a significant portion of the funds.

According to Elliptic, ETH accounted for 33.7% of the donations as of Tuesday 8 March. BTC donations made up about 31.2% while USD stablecoins accounted for about 17.0% of the total. DOT donations made up about 14.5% and 3.6% were in other crypto assets.

Cryptocurrency exchanges Binance, FTX and Currency.com have contributed to the donations. In a statement on 4 March, Currency.com said it had donated $1 million.