Even though Russia’s invasion of Ukraine continues, the country has begun to accept cryptocurrency donations, such as Solana, to support its military.
Starting with $35 in Ethereum, she donated directly to SaveLife.in.UA, also known as Come Back Alive, a Ukrainian military charity that accepts Bitcoin; it was the only group she could locate that had a publicly accessible cryptocurrency wallet already in place.
Viltrakyte is not the only one who has expressed an interest in using cryptography to aid the Ukrainian cause. By Tuesday, the total amount of bitcoin raised for Ukraine-related charity had topped $35 million, which had been split among many funds and initiatives. One modification the equal to $1 million in less than 30 seconds.
As Russia’s assault continues, Ukraine has contributed to the growth of cryptocurrencies by allowing military donations.
Ukraine’s vice prime minister Mykhailo Fedorov said on Wednesday that dogecoin may be used to make a gift to the victims of the conflict. Since it began as a prank, Dogecoin has become a legitimate currency due to Tesla CEO Elon Musk.
It’s also known as a “meme coin” because of the widespread use of the term in internet slang.
According to Fedorov, memes can now assist our troops in their struggle against the Russian invaders and save lives in the process.
Collaboration between the Ukrainian government and crypto-blockchain platform Solana has been established. Giftable Solana coins and other digital tokens based on the Solana protocol have just been released for purchase.
Non-fungible tokens, or NFTs, are another kind of gift accepted in Ukraine. Blockchain technology is used to verify and keep track of one-of-a-kind goods, such as digital art.
A mechanism has been built by the Ukrainian cryptocurrency exchange, Uniswap, that allows users to convert any Ethereum-based digital money into the ether and transfer it to the Ukrainian government. Using Ethereum, programmers can build applications on a blockchain that is open source and decentralized.
Blue striped blockchain network founder Gavin Wood is accused by Fedorov of shipping $5 million in DOT cryptocurrencies to Ukraine.
A stable coin called tether was added to the list of accepted cryptocurrencies in Ukraine on February 26th. This type of currency consists of a digital currency that is linked to real-world assets such as money.
Several new cryptocurrencies are now accepted in Ukraine. Russian attacks are expected to become more intense and devastating in the future, according to military analysts.
Meanwhile, Ukraine’s government has raised more money through war bonds, which have collected about $8.14 billion in Ukrainian hryvnias ($270 million).
As of Wednesday, an “airdrop” has been confirmed for Thursday, according to an official Ukraine government tweet. A bitcoin “airdrop” is a free distribution of bitcoin by an individual or business. In any case, no specifics were provided, so it’s impossible to say what kind of digital currency would be issued or to whom it would be dispersed.
Using cryptocurrency to avoid U.S. sanctions has been discussed, but experts say it’s unlikely that will happen.
Last Monday, Fedorov requested major bitcoin exchanges to remove Russian users’ accounts. However, Binance, the world’s largest cryptocurrency exchange, has stated that it will block addresses belonging to sanctioned individuals, but not all Russian accounts on the platform.
There is a lot of money going into Bounce Back Alive’s Kyiv coffers thanks to Vitaliy Deynega, the founder. There are over 3 million Facebook fans in his well-known Ukrainian organization. They purchase radios, drones, and thermal night-vision systems.
A year ago, they put up an open crypto wallet; with the recent surge of support—both in crypto and fiat currency—they have already acquired hundreds of pieces to distribute right away. It wasn’t as popular as a cryptocurrency option in the past, says Deynega. There is no need for it. In light of how dire things are right now, it’s a win-win situation.
Transactions may not even necessitate the conversion of the cryptocurrency to Euros. Deynega cites a banking system that allows money to be transferred across bank cards, which is common in Ukraine.