Elliptic blockchain analytics company reported about Ukrainian NGOs and volunteer groups using cryptocurrency to crowdfund Ukraine’s armed forces. In 12 hours, almost $400,000 in Bitcoin was donated to ‘Come Back Alive,’ a Ukrainian non-governmental organization that supports soldiers in the war against Russia. After one day, the amount reached $4 million.
The funds from crypto provide the Ukrainian army with military equipment, medical supplies, drones, and the development of facial recognition app to identify Russian spies.
Cryptocurrency a Powerful Tool for Crowdfunding War
Cryptocurrency fundings in Ukraine are still minor, with most fundraising campaigns held with traditional payment methods. Yet it’s one of the best methods as crypto provides more fluid and faster overseas transactions. In some cases, financial institutions can close accounts linked to fundraising, which could never happen with crypto, according to Elliptic.
“Some of the Ukrainian volunteer groups and NGOs accepting crypto donations have very close links to the Ukrainian government – and this adds to a trend of nation states turning to cryptoassets as a means of raising funds.”
EMAIL NEWSLETTER
Join to get the flipside of crypto
Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.
Error: Contact form not found.
You can always unsubscribe with just 1 click.
Continue reading on DailyCoin
Source: Cryptocurrency - investing.com
