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Aid to Ukraine's $54M Crypto Fund Buys Vests, Scopes, and UAVs

Published on

December 18, 2022
Read Time:2 Minute, 15 Second

The crypto neighborhood has supplied a powerful $54 million price of crypto funds via “Help to Ukraine” aimed toward supporting the nation's army efforts towards Russia, Ukraine's Deputy Prime Minister revealed.

The $54 million was funneled via the Ukrainian government-led initiative “Help to Ukraine,” in response to Ukrainian Deputy Prime Minister Mykhailo Fedorov Twitter submit on Thursday thanking the crypto neighborhood for his or her help:

“Each helmet, bulletproof vest and evening imaginative and prescient system saves the lives of Ukrainian troopers. Subsequently, we should proceed to help our defenders. Thanks everybody from the crypto neighborhood for supporting Ukraine!”

In accordance with Ukraine's Ministry of Digital Transformation, most of Help For Ukraine's $54 million has gone to america form of 10,190 Ether (ETH) price $18.7 million, 595 Bitcoin (BTC) price $13.9 million, Tether (USDT) price $10.4 million and USD Coin (USDC) valued at $2.2 million.

The crypto funds flowed into army tools, {hardware}, and ammunition, together with $11.8 million price of unmanned aerial autos (UAVs), that are usually used for detecting enemy troops and direct assaults.

A major sum of the donations was additionally spent on armor vests totaling US$6.9 million, together with US$3.8 million for subject rations, US$5.2 million for anti-war media campaigns and US$5.0 million -dollars for "Weapons of the [Ukraine] Division of Protection request”, amongst different army and medical provides.

With $54 million raised by @_AidForUkrainewe've supplied our defenders with army tools, armor, medicines and even autos. Thanks to the crypto neighborhood for supporting us because the all-out invasion started! Donation for donation to the large victory. report beneath. pic.twitter.com/lifHAP8R4f

— Mykhailo Fedorov (@FedorovMykhailo) August 17, 2022

“Crypto performs a big position in protection of Ukraine”, said Deputy Minister of Digital Transformation of Ukraine Alex Bornyakov on the government-affiliated donation web site.

The founding father of Ukraine-based crypto trade KUNA Mike Chobanian added that the crypto neighborhood's contributions have proven the impression blockchain expertise can have on nation-states, explaining that in instances of want it acts because the "spine of worldwide safety”.

Help For Ukraine works by transferring crypto to crypto trade FTX, which converts crypto to fiat after which withdrawn and transferred to the Nationwide Financial institution of Ukraine.

Associated: Ukraine has obtained $37 million in tracked crypto donations thus far

However Help For Ukraine will not be the one group elevating funds in help of Ukraine's protection efforts. The Reserve Fund of Ukraine, Come Again Alive, UkraineDAO, and Unchain Fund have additionally contributed funds within the seven-figure vary, though the quantity of crypto-based funds they've raised has not been disclosed since March.

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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : December 18, 2022
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