- Donations have been coming in to support Ukraine.
- Organizations in Ukraine have received over $1 million in Bitcoin.
- Crypto is being increasingly used to help countries in distress.
Donations have been pouring into Ukraine from across the world. WatcherGuru on Twitter (NYSE:TWTR) tweeted earlier today that Bitcoin donations for Ukraine have surpassed $1 million.
JUST IN: #Bitcoin donations for Ukraine have surpassed $1 million.— Watcher.Guru (@WatcherGuru) February 25, 2022
Come Back Alive, a Ukrainian NGO providing aid to the Ukrainian army received over $400,000 in Bitcoin over a 12-hour window. Additionally, volunteers and hacking groups are also receiving money. Many such groups have received hundreds and thousands worth of cryptocurrency in the past few hours. And, the crypto collected is being used for a variety of purposes, including equipping the Ukrainian army with military equipment, medical supplies, and drones.
The Director of Come Back Alive Taras Chmut stated that it had been receiving small donations for several months. However, when Russia invaded Ukraine, over $300,000 rolled in just a matter of hours. Also, the organization says that the funds will be used to finance military equipment including armor and medical kits for Ukrainian soldiers.
Come Back Alive was accepting fiat donations on Patreon till recently. However, its Patreon page has been shut down since Thursday. Patreon explained that using its services to support military funding is against its policies.
A report published by Elliptic, the blockchain analytics firm, shows that digital currencies are becoming increasingly popular as a funding method for volunteer groups across the world.
Elliptic said.
Cryptocurrency has proved to be a robust and growing alternative (to traditional currency) – especially when it comes to donations from other countries.
Cryptocurrencies can be sent and received anonymously: this was always often seen as a huge drawback. However, in times of distress, they play an important role in gaining financial support. Moreover, this anonymity allows people and organizations to raise money even if financial firms do not allow the transfers of funds.