Market Analysis Report (27 Feb 2023)

Market Analysis Report (27 Feb 2023)

Source Node: 1981505

Ukraine has received over $70 million in cryptocurrencies since the start of the Russian-Ukrainian conflict, with most of the funds coming in the form of either Bitcoin or Ether.

According to a report by blockchain data platform Chainalysis, ETH donors led the way with $28.9 million being sent to the country, while donors of BTC and Tether’s USDT moved $22.8 million and $11.6 million, respectively.

Donations have also taken the form of non-fungible tokens (NFTs), with several NFT auctions being made to support the country. The majority of the $70 million donation, approximately 80%, was received within the initial months of the war. The swift processing of cryptocurrency payments greatly facilitated the country’s ability to react to the Russian invasion.

In August Mykhailo Fedorov, the minister of digital transformation and vice prime minister of Ukraine, stated in a tweet that a significant portion of the cryptocurrency payments made to the digital ministry were directed toward funding military equipment, protective gear, vehicles, and medicine for the country.

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