Ukraine Minister Thanks Crypto Donors on Easter, Says ‘Crypto for Good’

Key Insights:

  • The Ukrainian official said ‘crypto for good,’ and every donation strengthens its defense capabilities. 
  • Mykhailo Fedorov said crypto donations were spent on 200 sets of ballistic plates for bulletproof vests.
  • The Minister of Digital Transformation previously asked all crypto exchanges to block Russian user addresses.

The Ukrainian Minister of Digital Transformation, Mykhailo Fedorov, has thanked crypto donors for this Easter. He said that every donation is “strengthening the defense capabilities of Ukrainians.”

Cryptos Aid in Military Supplies

The Ukrainian official tweeted Sunday that crypto donations are for good and are spent on 200 sets of ballistic plates of 4 class for bulletproof vests. He wrote,

“The better-equipped soldiers, the sooner day of Ukrainian victory.”

The war-torn nation has been receiving crypto donations in millions since the start of Russia’s full-scale invasion in February this year. The interesting part was the domination of Ethereum in the distribution of donations. This was followed by Bitcoin and Polkadot.

He also thanked crypto donors for their contributions. 

Per a recent Financial Times report, the Ukraine government had spent half of its crypto fundraising on thousands of bulletproof vests, food rations, helmets, and medical supplies, to name a few. The report added,

“[They were] deliberately choosing to spend the funds on non-lethal equipment, so as not to deter future donors.”

Aid for Ukraine was set up to accept donations in nine cryptocurrencies, including Bitcoin, Ether, TetherSolana, and Dogecoin. On the second day of the invasion, Fedorov informed his deputy to establish official government wallets that could accept payments in cryptocurrency.

Donations Still Pour In

The Ukrainian government has raised over $100mn in cryptocurrency donations since the start of the war. Though this is small compared with the billions in aid from the IMF and other western governments, the deputy minister of digital transformation of Ukraine told FT that crypto had become an “essential tool of war,” allowing flexibility and speed.

Numerous crypto platforms have popped up recently, accepting donations in cryptos, stablecoins, and NFTs.

For instance, Michael Chobanian, founder of Ukrainian crypto exchange Kuna told the Associated Press that they are “still collecting crypto” to aid Ukrainians.