Crypto donations raised by the Kiev government since the start of the Russian invasion have totaled nearly $70 million, according to Chainalysis. Ether has been the most donated crypto followed by bitcoin and stablecoin tether, the blockchain intelligence firm said in a report.
Ukraine receives millions of dollars in various currencies from the global crypto community
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, according to blockchain forensics firm Chainalysis. revealed on the first anniversary of the conflict in the Eastern European nation.
Authorities in Kiev began accepting digital currency donations shortly after Russia launched its invasion in late February 2022. In March, Chainalysis said that more than $56 million worth of cryptocurrency had been donated to Ukrainian government wallets.
Other digital donations have been made to addresses posted by charities raising funds for their humanitarian efforts. According to a recent report by blockchain analytics firm Elliptic, Ukrainian supporters have sent a total of more than $212 million worth of cryptocurrency.
“Although such donations pale in comparison to fiat donations, they demonstrate the philanthropy of cryptocurrency enthusiasts around the world and Ukraine’s willingness to accept a wide variety of digital assets,” Chainalysis commented on its blog. He also pointed out that most of the donations were made in BTC and ETHTop cryptocurrencies by market capitalization.
The company noted that in addition to helping with military efforts, donations can encourage cryptocurrency adoption and strengthen the war-hit Ukrainian economy. “Ukrainian adoption increased over the course of the war,” Chainalysis commented. The country ranked third in its 2022 Global Crypto Adoption Index.
At the same time, Russian adoption declined, according to the researchers, despite that side also requesting crypto donations. The number of pro-Russian groups accepting crypto funding for their activities has risen to around 100, Chainalysis said, but they have raised less than $5.4 million.
Another finding worth noting is that, in many cases, such funds are sent to major centralized exchanges rather than high-risk ones: 87.3% of digital money received by pro-Russian groups has gone to platforms. trading of established currencies. Chainalysis also found that crypto markets are too illiquid to support large-scale Russian sanctions evasion.
Do you think that the conflict between Russia and Ukraine is accelerating the adoption of cryptocurrencies in Eastern Europe? Share your thoughts on the subject in the comments section below.
image credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or a solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
