Ukraine’s crypto crowdfunding to resist Russia

ukrain russia crypto

Ukraine’s tensions have risen once more with Russia. In 2014, during the Maiden Revolution, pro-Russia President Viktor Yanukovych was expelled from the presidential position. Soon after which, Russia captured Crimea and seized a few other regions of Ukraine.

After decades of neglect, volunteer groups have stepped in to support the Ukrainian military. Moreover, these groups provide soldiers with weapons, supplies, and medical assistance for their survival. The private donors fund these groups using bank wires and payment apps to donate a huge amount of money. Amongst this, Bitcoin appears to be the best alternative for making payments without getting any cyber traction through a different platform.

According to the latest Elliptical reports, several volunteering groups identified which use cryptocurrency wallets to fund the Ukrainian Military army. Over the past year, the total collected fund has turned out to be $570,000 and the numbers are still increasing.

Source: Elliptic

Cryptocurrency as ‘war crowdfund’

Many Ukraine-based NGOs and volunteer groups have emerged to extend support for the country’s army. These NGOs are receiving continuous payments in Bitcoin (BTC) in their several crypto wallets. Activists are deploying funds to equip the Ukrainian army for drones and facial recognition apps against Russian spies.

Furthermore, a few volunteering groups like Come Back Alive, Ukrainian Cyber Alliance ensure that the army is well equipped with the latest weapons and technology. Come Back Alive, alone have received cryptocurrency worth $200,000 by the second half of 2021. Additionally, the Ukrainian Cyber Alliance has received $100,000 in the form of Bitcoin, Litecoin, Ether, and stable coins.

Above all, the tension has risen to a certain level of contemplation. Russia has deployed 100,000-130,000 troops at the border for potential thoughts of war. Even the United States in alliance with Ukraine has deployed 8,500 troops for elevated concerns.

Also, read - Russian Government to regulate Crypto Laws very soon

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