Donations in the form of cryptocurrencies play an important role in the defense of Ukraine. Last February, a total of $37 million in cryptocurrency was donated to the Ukrainian government, military and charities as a sign of support for the country after the outbreak of war with Russia.
According to Mykhailo Fedorov's Deputy Prime Minister of Ukraine, now the crypto community has donated crypto funds worth $54 million through the Aid For Ukraine campaign, the purpose of which is to support the country's military efforts against Russia.
He also released a statement on Twitter saying that the $54 million was channeled through the Ukrainian government's Aid For Ukraine initiative, also thanking the crypto community for its support for Ukraine.
The $54 million aid for Ukraine is mostly in the form of 10,190 Ether worth $18.7 million, 595 Bitcoin (BTC) worth $13.9 million, Tether (USDT) $10.4 million and USD Coin (USDC) $2.2 million.
Cryptocurrency payments have been used for military equipment, hardware, medicine, vehicles and munitions including $11.8 million worth of unmanned aerial vehicles (UAVs), which are typically used to track enemy troops and direct strikes.
The founder of Ukraine-based crypto exchange KUNA Mike Chobanian stated that contributions from the crypto community have proven that blockchain technology can have a positive impact on the country including becoming the backbone of global security in the future.
In addition, Aid For Ukraine works to transfer crypto into the FTX crypto exchange, then convert crypto to fiat and then withdraw it for transfer to the Ukrainian national bank.
