Ukraine Has Received $100M In Crypto Donations: Here's Where The Funds Are Going

Ukraine has received nearly $100 million worth of cryptocurrency donations, according to a report from CoinDesk.

What Happened: Alex Bornyakov, Ukraine’s Deputy Minister for Digital Transformation, revealed that over $60 million of the funds had been sent to the main fund run by Ukrainian cryptocurrency exchange Kuna.

The rest of the funds have been sent to several smaller funds, Bornyakov said in an emergency online briefing entitled "Digital Resistance: How Ukraine Is Leveraging Technology to Fight for Freedom.”

Crypto assets proved extremely helpful in facilitation of funding flows to the Amed Forces of Ukraine. Huge thanks to everyone who donated to the Crypto Fund of Ukraine.

Each and every helmet and vest bought via crypto donations is currently saving Ukrainian soilders' lives. pic.twitter.com/CghDmXEcJG

— Alex Bornyakov (@abornyakov) March 11, 2022

The donations funded the purchase of 5,550 bulletproof vests, 410,000 packed lunches, 500 helmets, and 60 walkie-talkies, besides thousands of medicines and thermal devices, according to data shared by Bornyakov.

Ukraine first began accepting Bitcoin BTC/USD and Ethereum ETH/USD donations last month following Russia’s invasion. The country has since added Polkadot DOT/USD, Solana SOL/USD, and Dogecoin DOGE/USD to its list of accepted cryptocurrencies.

It also plans to raise funds by selling non-fungible tokens (NFTs). The upcoming NFT drop will feature art representing a story from trusted news sources about the war with Russia, The Guardian reported on Sunday.

According to Bornyakov, the NFT collection will be “like a museum of the Russian-Ukrainian war. We want to tell the world in NFT format.”

"We want it to be cool, good-looking, and it takes time."

Price Action: At press time, Bitcoin was trading at $38,500, down 1.69% in the last 24 hours. Ethereum was trading at $2,568, down 0.77% and Dogecoin was trading at $0.11, down 1.50% over the same period.