Ukraine has Raised Over $200M in Cryptocurrency
Ukraine has raised over $200M for it's war effort via public cryptocurrency donations.
We’re a year out from the start of the war in Ukraine, and according to a report, crypto addresses provided by Ukraine's government raised some $70 million during the war. The government provided the addresses as a way for individuals around the world to make donations to the Ukrainian army.
The use of crypto donations during the war allowed for faster and more secure transactions, with no need for intermediaries or lengthy processing times. The report states that the addresses received donations from various sources, including businesses and individuals, both inside and outside of Ukraine.
According to Chainalysis, Ethereum was the most donated crypto, with Bitcoin coming behind in second and the Tether stablecoin in third. Total charity donations to Ukraine via cryptocurrencies has exceeded $200M by some estimates.
Although the use of crypto donations during the war was successful, it also brought up some concerns about transparency and accountability. The report suggests that there should be a more comprehensive system for tracking and reporting on the use of crypto donations, in order to ensure that they are being used effectively and ethically.
It’s starting to look like one of the killer use cases of crypto is simplicity of donation. As more people adopt cryptocurrencies, I expect to see more groups using them as a means of raising funds. That being said, it still feels weird to ask random citizens to fund a war by sending anonymous small money donations.