Ukraine Using Donated Crypto to Pay for Military Supplies Government Says $50 Million in Crypto Raised in a Week
The Ukrainian government announces that $ 50 million in cryptocurrencies has been raised within a week since Russia began its invasion of Ukraine.
The government has so far spent $ 15 million on cryptocurrency donations to buy military equipment.
Alex Bornyakov, Ukraine’s deputy minister of digital transformation, revealed on Friday that his government had spent $ 15 million on cryptocurrency donations on military equipment, including bulletproof vests, Bloomberg reported.
In an interview with Zoom in an undisclosed location in Ukraine, he confirmed that the purchased military gear was delivered on Friday.
Ukraine Using Donated Crypto to Pay for Military Supplies
Many people have donated cryptocurrency to the Ukrainian government since the start of the war with Russia.
Mykhailo Fedorov, Ukraine’s deputy prime minister and minister of digital transformation, wrote on Twitter on Friday that the Ukrainian government had raised $ 50 million in cryptocurrency within a week.
Most of the donations were in bitcoin (BTC) and ether (ETH).
Now, he intends to double the total revenue to $ 100 million.
Bornyakov similarly said that the Ukrainian government expects to double its $50 million in cryptocurrency donations in the next two to three days, Bloomberg conveyed.
He revealed that two days after Russia began its invasion of Ukraine, his ministry found suppliers in the U.S. and Europe for the army, including vests, food packages, bandages, and night vision devices.
In addition, the deputy minister of digital transformation noted that about 40% of the suppliers are willing to accept cryptocurrency payments.
The rest are paid with crypto converted into euros and dollars.
The ministry is also working with two companies to launch a non-fungible token (NFT) collection to raise additional funds, the publication further detailed.
Noting that it could be ready in less than two weeks, Bornyakov opined:
No one was ready to do military NFTs, the war just started eight days ago, they are still trying to figure out how to do this in terms of design.
Regarding donated NFTs, he confirmed that someone donated a Cryptopunk.
However, he added: “But it’s so hard to sell.
We haven’t used it at this point … We are going to keep it for now. … There’s no time to figure out how to convert them. Maybe once things settle down, we’ll figure this out.”
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