Crypto addresses provided by Ukrainian government raised $70 million during war, report –
According to Chainalysis, crypto donations collected by the Kiev government since the start of the Russian invasion totaled nearly $70 million. Ethereum was the most donated crypto, followed by Bitcoin and the stablecoin–tetherhe said Blockchain– Secret Service in a report.
Ukraine receives millions of dollars in various coins from the global crypto community
The amount of cryptocurrencywhich was sent to addresses published by the Ukrainian government to raise money for defense and other purposes, has reached nearly $70 million, blockchain forensics firm Chainalysis revealed on the first anniversary of the conflict in the Eastern European nation.
Authorities in Kiev began accepting donations in digital currencies shortly after the invasion of Russia began in late February 2022. In March, Chainalysis announced that more than $56 million worth of cryptocurrencies had been donated to Ukrainian government wallets.
Other digital donations have been made to addresses of charities raising funds for their humanitarian efforts. According to a recent report by blockchain analytics firm Elliptic, Ukrainian backers have sent a total of over $212 million in cryptocurrency.
“While such donations pale in comparison to fiat donations, they demonstrate the philanthropy of cryptocurrency enthusiasts around the world and Ukraine’s willingness to embrace a variety of digital assets,” Chainalysis commented in its blog post. It also noted that the majority of donations were made in BTC and ETH, after the leading cryptocurrencies market capitalization.
The company noted that the donations will not only help with the military effort, but may also boost crypto adoption and boost Ukraine’s war-torn economy. “Ukraine adoption increased sharply as the war progressed,” Chainalysis noted. The country ranked in its Global Crypto Adoption index Third place in 2022.
At the same time, Russian adoption declined, according to the researchers, although this site also asked for crypto donations. The number of pro-Russian groups accepting crypto funding for their activities has grown to around 100 according to Chainalysis, but they have raised less than $5.4 million.
Another notable finding is that such funds are in many cases sent to established, centralized exchanges as opposed to high-risk ones — 87.3% of the digital money received by pro-Russian groups went to established coin trading platforms. Chainalysis also found that crypto markets are too illiquid to support large-scale evasion of Russian sanctions.
Do you think the conflict between Russia and Ukraine will accelerate crypto adoption in Eastern Europe? Do share your thoughts on this topic in the comments section below.
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Source: Crypto News Deutsch
