Ukrainian Defense Efforts Bolstered By Crypto Donations

The use of cryptocurrency by Ukrainians is an effort to fight back against Russian troops positioned in their country. A blockchain analytics firm Elliptic revealed that Ukrainian crowdfunding had increased 900% since 2021, with most donations coming from within Ukraine itself rather than externally like before when it was funded mainly by other countries or organizations who saw what they called “a crisis.” Related Reading | Ukraine Adopts New Law To Legalize Bitcoin And Other Cryptocurrencies These groups have seen a significant rise in cryptocurrency funding thanks to Bitcoin. As a result, digital currency is becoming an alternative channel for donors, despite restrictions imposed by traditional financial systems. Bitcoin allows people worldwide to make connections and create change that lasts far beyond anyone’s donations – crypto contributions can now harness this power. In 2021, non-government organizations and volunteer groups received more than $500,000 worth of Bitcoin as crowdfunding. This marked a 900% increase from 2020. Since the Ukrainian military was effectively crumbling against the Russian invasion, many citizens have taken up arms to fight. They are called “volunteer groups.” They get funding from private donations. Ukrainian Fundraising Campaigns Receive Crypto Funding In the modern era, cryptocurrencies are becoming more popular as funding for fundraising campaigns. Elliptic’s s...