Aid for Ukraine’s $54M crypto fund buys vests, scopes and UAVs

The crypto donations have played a “significant role in Ukraine’s defense,” a Ukrainian government official wrote.

The Ukrainian Deputy Prime Minister has revealed that the crypto community has poured in an impressive $54 million worth of crypto funds through Aid For Ukraine to support the country’s military efforts against Russia.

The $54 million has been funnelled in through the Ukrainian government-run initiative Aid For Ukraine, according to Ukraine’s Deputy Prime Minister Mykhailo Fedorov’s Twitter post on Thursday, who thanked the crypto community for their support:

“Every helmet, bulletproof vest, and night vision device save the lives of Ukrainian soldiers. Thus, we must continue to support our defenders. Thanks so much to everyone from the crypto community for supporting Ukraine!”

According to the Ministry of Digital Transformation of Ukraine, Aid For Ukraine’s $54 million has primarily come in the form of 10,190 Ether (ETH), worth $18.7 million, 595 Bitcoin (BTC), worth $13.9 million,

Tether (USDT) is worth $10.4 million, and USD Coin (USDC) is worth $2.2 million. The crypto payments have gone toward military equipment, hardware, and munitions, including $11.8 million worth of unmanned aerial vehicles (UAVs), typically used to spot enemy troops and direct attacks.

A significant sum of the donations was also spent on armour vests at $6.9 million, along with $3.8 million on field rations, $5.2 million on anti-war media campaigns and $5 million on “weapons of the [Ukraine] Ministry of Defense request,”

among other military and medical accessories. “Crypto is playing a significant role in Ukraine’s defence,” said Deputy Minister of Digital Transformation of Ukraine Alex Bornyakov on the government-tied donation website.

Founder of Ukrainian-based crypto exchange KUNA Mike Chobanian added that the contributions from the crypto community had shown the impact that blockchain technology can have on nation-states,

stating that it can serve as a “backbone of global security” in times of need. Aid For Ukraine works by transferring crypto into the crypto exchange FTX, which converts crypto into fiat, and is then withdrawn and transferred to the National Bank of Ukraine.

But Aid For Ukraine isn’t the only organization investing funds to assist Ukrainian defence efforts. Reserve Fund of Ukraine, Come Back Alive, UkraineDAO, and Unchain Fund have also contributed funds in the seven-figure range, although the amount of crypto-based funds they’ve taken in hasn’t been disclosed since March. - cointelegraph

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