Ukraine raises $54M from crypto fund and buys scopes, UAVs, and vests

By: Ikenna Odunze

Ukraine raises $54M from crypto fund and buys scopes, UAVs, and vests

August 19, 2022 5:15 AM

A Ukrainian government official wrote that the crypto donations played a "significant role in Ukraine's defense".


The Ukrainian deputy prime minister brought to light that $54M worth of crypto funds were thrown in by the crypto community through "Aids for Ukraine", meant to support the country's military activities against Russia.


Through the Ukrainian government-run initiative "Aid for Ukraine",  $54 million has been dropped in, according to Mykhailo Fedorov, Ukraine's Deputy Prime Minister, in his tweet on Thursday. He also expressed gratitude to the crypto community's support. 


"Every helmet, bulletproof vest, and night vision gear spares the lives of Ukrainian soldiers. Hence, we must keep aiding our protectors. Thank you so much to everyone in the crypto community for your support of Ukraine!"


As stated by the Ministry of Digital Transformation of Ukraine, the $54 million raised by Aid For Ukraine came in the following forms: 595 Bitcoin worth $13.9 million, Tether (USDT) worth $10.4 million, 10,190 Ethereum worth $18.7 million and USD Coin (USDC) worth $2.2 million.


The crypto funds have been channeled towards military hardware, equipment and munitions, which includes $11.8 million worth of Unmanned Aerial Vehicles (UAVs), and its primary use is to identify enemy troops and launch attacks. 


A great sum of the donated funds was also used in the purchase of anti-war campaigns at $5.2 million, armor vests at $6.9 million, alongside $3.8 million on field rations and $5 million on "weapons of the (Ukraine) Ministry of Defence request", amongst a variety of medical and military accessories. 



"Crypto is playing a significant role in Ukraine’s defense," said Deputy Minister of Digital Transformation of Ukraine Alex Bornyakov on the government-tied donation website.


Mike Chobanian, founder of KUNA, a Ukrainian based crypto exchange, spoke of the contribution from the crypto community as a display of the effect  Blockchain Technology can have on nations, which can serve as a "backbone of global security" when most needed.


Aid for Ukraine functions in the manner of crypto being transferred into the crypto exchange FTX, which is converted into fiat, withdrawn and transferred to the National Bank of Ukraine.