The people of Ukraine need the help of the world more than ever. As the conflict between Russia and Ukraine continues, the world must rally around the Ukrainian government to restore peace and stability to the Eastern European country.
The crypto community has done just that with NFT (Non-Fungible Token) companies, Decentralized Autonomous Organizations (DAO) and cryptocurrency users around the world, helping Ukraine through donations of Bitcoin (BTC), Ether (ETH), Polkadots DOT. and even with NFTs.
It is impressive how quickly the cryptocurrency community was able to support the Ukrainian people. Two days after the Russian army entered Ukraine, the Ukrainian government requested cryptocurrency on Twitter, where it shared Bitcoin and Ethereum wallet addresses. Vice Prime Minister of Ukraine Mykhailo Fedorov confirmed on his Twitter account that the call for donations was sincere and urged people to support the nation.
Cryptocurrency is in a hurry to protect Ukraine
Immediately after the Deputy Prime Minister of Ukraine tweeted government crypto addresses, encryption began to infiltrate Ukrainian government wallets at an unprecedented rate. In fact, Ukraine ranks fourth in the Global Cryptocurrency Adoption Index compiled by the computer company Chainalysis, which estimates that around $8 billion worth of cryptocurrencies enter and exit the country each year. According to the New York Times, the daily volume of cryptocurrency transactions is about $150 million, which exceeds the volume of hryvnia interbank exchanges.
First, the Ukrainian government raised $4 million, then $13 million, and then $37 million by March. A few days later, the total amount of cryptocurrency raised by the Ukrainian government exceeded $55 million. The Ukrainian government recently announced that it has received a total of “nearly $100 million” in crypto, according to Alex Bornyakov, Deputy Minister of Ukraine at the Ministry of Digital Transformation and the government’s de facto spokesman for crypto. Ukraine hit $108 million a week ago, Cointelegraph tracked.
This is clear evidence that the crypto community is doing exactly what it has been trying to do since day one – moving capital easily, smoothly and inexpensively without any intermediaries because users believe it is the right thing to do. The crypto-currency community around the world has demonstrated with its massive donations that it supports peace, stability and, frankly, the people of Ukraine.
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From an economic point of view, the multi-million dollar cryptocurrency sent to the Ukrainian government could be a hack. This is clear evidence that people support Ukrainian President Volodymyr Zelensky. Crypto’s ability to eliminate bureaucracy is one of the best ways to serve the Ukrainian people immediately, where they need help more than ever. This is what Bitcoin was created for – to easily move capital to where it is needed.
Save the NFT, DAO and Web3 Communities
Platforms NFT, DAO and others involved in Web3 development have shown the world what they stand for when they donate everything from cryptocurrencies to NFTs to the Ukrainian government.
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The people behind Bored Ape Yachting Club (BAYC) have donated $1 million in ETH to the government of Ukraine. The BAYC team has donated funds to members of the BAYC community who have also raised nearly $1 million in donations to Ukraine. In addition, Everstake, a decentralized operating provider based in Ukraine, sent the first batch of US$1 million in financial support to Ukraine, which was donated by the Solana At-Large Community.
There are countless examples of NFTs and DAOs rushing to fulfill the request of the Ukrainian government, from someone transferring over $200,000 worth of CryptoPunk #5364 to a Ukrainian Ethereum wallet, to UkraineDAO raising over $6 million through NFT sales to help the citizens of Ukraine. The DAO and NFT have made their position clear: they are opposed to the war and want the Russian invasion to end as soon as possible.
Cryptography: the future to support causes?
During this tragic situation in Europe, we have seen that blockchain allows us to scale our efforts in a way that was not possible before. The old ways of raising money were slow, expensive, and rife with fraud and corruption.
The unlimited form of money has changed how people invest in the cause they want to support. With Bitcoin and other cryptocurrencies, donors can be 100% sure that funds will receive funds for purposes and shares. They just need a wallet address and send crypto to that address.