The war in Ukraine continues. In a new effort to defend the country from the Russians, $54 million in crypto has been spent on military equipment, armor, clothing, medicine and vehicles.
This was told by a senior minister on Twitter.
How the donations are spent?
The war-ravaged Ukrainian government spent $54 million, collected through donations in cryptocurrencies. Already since the beginning of the war, multiple donations were made to assist non-governmental organizations (NGOs) and other defenders of Ukraine.
The largest portion of the $54 million was spent on unmanned aerial vehicles – also known as UAVs. To this end, $11.8 million was spent. In addition, $6.9 million was spent on armored vests and $5.7 million on computer hardware and software.
These numbers were announced by Mykhailo Fedorov, Deputy Prime Minister of Ukraine and Minister of Digital Transformation of Ukraine. He has been reporting about crypto donations in this war since the beginning of the war.
“With $54 million raised by AidForUkraine, we have provided our defenders with military equipment, armor clothing, medicine and even vehicles. Thank you to the crypto community for the support since the beginning of the large scale invasion! Donation by donation to the great victory,” Fedorov tweeted.
Crypto also essential in bear market
These donations are still proving essential in a Russia-ravaged country. Even during the bear market, reported Alex Bornyakov, the deputy minister of digital transformation. He told last month that “crypto has become an essential tool for Ukrainian defense. The flexibility and speed [ofvcrypto] have literally saved the lives of our soldiers.”
These donations were made possible by various parties-including FTX and AidForUkraine-after Ukrainian President Volodymyr Zelensky legalized crypto. This gave the country millions in crypto donations for military and humanitarian aid in its war against Russia. This did not yet make crypto a legal tender, but it did bring it out of illegality.
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