Ukraine uses $54M worth of crypto aid to buy military gear

The cryptocurrency community has been active in helping Ukraine with aid to assist it in its military efforts. The Aid for Ukraine has received overwhelming crypto donations, with $54 million worth of crypto supporting the Ukraine military.

$54M worth of crypto funds used to buy military gear

The $54 million worth of humanitarian aid has been channeled through the wallet addresses provided by the Ukrainian government. The Deputy Prime Minister of Ukraine, Mykhailo Fedorov, tweeted and thanked the crypto community for the support offered.

Fedorov said the funds had been used to buy helmets, bulletproof vests, and night vision devices for the Ukrainian soldiers. The data from the Ministry of Digital Transformation of Ukraine shows that the $54 million worth of crypto comprised of 10,190 Ether (ETH), 595 Bitcoin (BTC), and $10.4 million Tether (USDT).

Crypto aid has been used to0 support the military in multiple ways including buying military equipment, hardware, and ammunition. The funds have also bought $11.8 million worth of unmanned aerial vehicles.

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Part of the donations also went towards buying armored vests worth $6.9 million, while $3.8 million was used on field rations. $15.2 million was used on media campaigns, while $5 million was used for “weapons of the [Ukraine] Ministry of Defense request.”

Crypto donations toward the Ukrainian government

The Deputy Minister of Digital Transformation, Alex Bornyakov, said that crypto assets played a significant role in the defense of the Ukrainian government. Bornyakov expressed Ukraine’s appreciation of crypto donations on the government donation website.

Mike Chobanian, the founder of KUNA, a cryptocurrency exchange platform based in Ukraine, further said that crypto donations had shown the effects of blockchain technology on nation countries. Chobanian added that blockchain technology could support global security when needed.

Aid for Ukraine is a crypto fund that works by transferring cryptocurrencies into the FTX crypto exchange. On the exchange, the donated crypto assets are converted into fiat currency, which is later withdrawn and sent to the National Bank of Ukraine.

Moreover, aid to support Ukraine is not just provided through Aid for Ukraine. The other organizations that have also received the support of the crypto community include Come Back Alive, Reserve Fund of Ukraine, UkraineDAO, and Unchain Fund. These organizations have received seven-figure donations. However, the exact amount of funds received is yet to be disclosed.

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