Ukraine received more than $50M in Bitcoin, Ether, PolkaDot, and NFTs

With mounting concerns about the rising inflation, crypto proponents and investors have been touting Bitcoin as the perfect hedge against inflation. However, Russia’s invasion of Ukraine has proven crypto’s usefulness in the conflict as people from all over the world have been sending BTC, Ether (ETH), PolkaDot and NFTs to support Ukraine’s military withstand Russia’s assault.

People have been sending crypto donations to Ukraine after Russia launched a large-scale offensive against the country last Thursday. In fact, a crypto wallet belonging to Come Back Alive, a charity organization that supports the Ukrainian military, received nearly $400,000 in BTC in just 12 hours.

Crypto donations have continued pouring in since then. According to Forbes, the Ukrainian government and organizations that support its fight against Russia have already received more than $52 million in crypto donations.

At least $14 million have already been deployed to support the Ukrainian military’s fight against the invading forces. Aside from Bitcoin, the country is starting to receive a wider array of tokens and digital assets such as Ether (ETH), PolkaDot, and non-fungible tokens (NFTs).

Since Russia’s invasion last week, crypto wallet addresses linked to the Ukrainian government and NGOs that support its military have received nearly 60,000 donations. According to blockchain analytics firm Merkle Science, the number of donations spiked on Wednesday when Ukrainian organizations received more than 10,000 in crypto donations.

While the donations came in a variety of token and digital assets, Bitcoin and Ether are the preferred coins for sending funds from donors. Data from Merkle Science reveal that BTC and ETH account for around 69 percent of crypto donations.

Michael Chobanian, the founder of the Kuna Exchange, said that the donations were used to purchase equipment, food, and gas for Ukraine's military and special forces. However, he declined to give specifics “due to a level of secrecy involved” but promised transparency thanks to blockchain technology.

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