Cryptocurrency Relief: A Financial Lifeline
Since the onset of the conflict between Russia and Ukraine, the latter has received a staggering $70 million in cryptocurrency donations. This financial influx has been critical in sourcing military equipment and humanitarian assistance, showcasing the power of digital currencies in times of crisis.
Breaking Down the Crypto Figures
According to a report from blockchain analysis firm Chainalysis, most of the donations stemmed from Ether (ETH) and Bitcoin (BTC). Here’s the breakdown:
- Ether (ETH): $28.9 million
- Bitcoin (BTC): $22.8 million
- Tether (USDT): $11.6 million
Interestingly, Ukraine’s fundraising efforts have even included non-fungible tokens (NFTs), such as an auction of a Ukrainian flag NFT that sold for an impressive $6.1 million.
The Speed of Crypto Transactions
During an interview with Yahoo Finance, Ukrainian Deputy Digital Minister Alex Bornyakov emphasized how swiftly cryptocurrency transactions enabled the nation to act. “If we used the traditional financial system it was going to take days,
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