Mykhailo Fedorov, Deputy Prime Minister and Minister of Digital Transformation of Ukraine, appreciates all the donations the country has received so far. In particular, on Easter day, he thanked everyone who has donated cryptocurrencies to his country.
thanks for the donations
In the above tweet, Fedorov thanks all the crypto donated to Aid for Ukraine. It is clear that he is a fan of cryptocurrencies. The profits are used for various purposes to help the resistance during the Russian invasion.
Above seems to be saying that cryptocurrencies will play an important role forever. Aid for Ukraine has again sent 200 sets of ballistic plates of class 4 bulletproof vests with the donations. “The better equipped the soldiers are, the sooner the Ukrainian victory will be.”
Fiat donations, which have been sent from Europe and the United States, are much larger than cryptocurrency donations, but cryptocurrencies allow any individual to donate directly, without the involvement of charities and their respective banks.
set up quickly
Just days after the Russian invasion began, the Ukrainian government launched Aid for Ukraine, a decentralized autonomous organization (DAO) in partnership with blockchain service Everstake and crypto exchange FTX. The goal was to give everyone in the world an address to donate cryptocurrencies, which are used solely to help Ukraine’s defense.
Shortly after the Russian army began its invasion of Ukraine, the 31-year-old Fedorov began his plan. He instructed his temporary deputy to establish official government wallets that could accept cryptocurrency payments. This plan quickly evolved into the Help for Ukraine website, which accepts donations in nine cryptocurrencies, including bitcoin, ether, tether, solana, and dogecoin.
Hundreds of millions donated
The first Russians crossed the border on February 24, and before long the world seemed to support Ukraine. You can see it in the many donations and, for example, in the volunteers who are committed to Ukrainian refugees.
The world of cryptocurrencies was also in turmoil. Within a month, more than €100 million in cryptocurrencies had been donated. The Ukrainian government had already spent half as much by March 19 on thousands of bulletproof vests, food rations, helmets and medical supplies.
Initially, two funds were established, one for humanitarian purposes and one to support the Ukrainian army. However, after the violence in Ukraine escalated, the funds were pooled and fully focused on supporting the armed forces.
From shit to blow
Despite the contribution that cryptocurrencies have managed to make, things did not go well.
In the early days of the conflict, Fedorov wanted to issue Ukraine’s own cryptocurrency. This would be a symbolic gesture for the kyiv cause, but the project was eventually cancelled.
To make matters worse, people took the opportunity to create and market fake versions of the planned government-issued cryptocurrency.
Fortunately, Fedorov quickly righted the ship, generating hundreds of millions in crypto donations.