{"id":18244,"date":"2023-03-02T08:56:05","date_gmt":"2023-03-02T08:56:05","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/ukraines-government-provided-crypto-addresses-raised-70-million-during-war-report-bitcoin-news\/"},"modified":"2023-03-02T08:56:05","modified_gmt":"2023-03-02T08:56:05","slug":"ukraines-government-provided-crypto-addresses-raised-70-million-during-war-report-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/ukraines-government-provided-crypto-addresses-raised-70-million-during-war-report-bitcoin-news\/","title":{"rendered":"Ukraine\u2019s Government-Provided Crypto Addresses Raised $70 Million During War, Report \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Crypto donations collected by the government in Kyiv since the start of the Russian invasion have amounted to almost $70 million, according to Chainalysis. Ether has been the most donated crypto followed by bitcoin and the stablecoin tether, the blockchain intelligence firm said in a report. <\/strong><\/p>\n

Ukraine Receives Millions of Dollars in Various Coins From the Global Crypto Community<\/h2>\n

The amount of cryptocurrency transferred 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<\/a> on the first anniversary of the conflict in the Eastern European nation.<\/p>\n

The authorities in Kiev started accepting donations in digital currencies soon after Russia launched its invasion in late February 2022. In March, Chainalysis said that more than $56 million worth of cryptocurrencies had been donated to the wallets of the Ukrainian government.<\/p>\n

Other digital donations have been made to addresses posted by charity organizations raising funds for their humanitarian efforts. According to a recent report<\/a> by blockchain analytics company Elliptic, Ukraine supporters have sent a total of over $212 million in cryptocurrency.<\/p>\n

\u201cAlthough such donations pale in comparison to fiat donations, they demonstrate the philanthropy of cryptocurrency enthusiasts across the globe and Ukraine\u2019s willingness to accept a wide variety of digital assets,\u201d Chainalysis commented in its blog post. It also noted that the majority of donations were made in BTC<\/a> and ETH<\/a>, the leading cryptocurrencies by market capitalization.<\/p>\n

\"Ukraine\u2019s<\/p>\n

The company pointed out that besides helping with military efforts, the donations can encourage crypto adoption and strengthen the war-hit Ukrainian economy. \u201cAdoption by Ukraine surged over the course of the war,\u201d Chainalysis remarked. The country ranked third in its 2022 Global Crypto Adoption Index.<\/p>\n

At the same time, Russian adoption declined, according to the researchers, despite that side also soliciting crypto donations. The number of pro-Russian groups accepting crypto funding for their activities has grown to around 100, Chainalysis said, but they have collected less than $5.4 million.<\/p>\n

Another finding worth noting is that in many cases, such funds are being sent to mainstream, centralized exchanges as opposed to high-risk ones \u2013 87.3% of the digital money received by pro-Russia groups has gone to established coin trading platforms. Chainalysis also found that crypto markets are too illiquid to support large-scale Russian sanctions evasion.<\/p>\n

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addresses<\/a>, Charities<\/a>, conflict<\/a>, Crypto<\/a>, crypto assets<\/a>, Crypto Donations<\/a>, crypto exchanges<\/a>, Cryptocurrencies<\/a>, Cryptocurrency<\/a>, donations<\/a>, Exchanges<\/a>, Government<\/a>, Groups<\/a>, kyiv<\/a>, Russia<\/a>, russian<\/a>, Ukraine<\/a>, ukrainian<\/a>, wat<\/a><\/div>\n<\/div>\n

Do you think the conflict between Russia and Ukraine is accelerating crypto adoption in Eastern Europe? Share your thoughts on the subject in the comments section below. <\/strong><\/em><\/p>\n

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\nLubomir Tassev <\/h6>\n

\nLubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens\u2019s quote: \u201cBeing a writer is what I am, rather than what I do.\u201d Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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