Why has Ukraine turned to cryptocurrencies, and how is the nascent crypto industry changing its reputation and having an impact amid the clouds of war?
At the outset of the conflict, Ukrainian officials posted addresses for two crypto wallets on their Twitter account, giving donors a direct and clear address to which to send contributions; Image: Shutterstock
London, United Kingdom: Cryptocurrencies have taken on an unprecedented role in the war in Ukraine, helping the government raise millions of dollars to fund its fight against the Russian invasion.
Why has Ukraine turned to cryptocurrencies, and how is the nascent crypto industry changing its reputation and having an impact amid the clouds of war?
At the outset of the conflict, Ukrainian officials posted addresses for two crypto wallets on their Twitter account, giving donors a direct and clear address to which to send contributions.
The wallets attracted more than $10.2 million (9.2 million euros) just four days after the start of the invasion.
Since then, more than $100 million worth of crypto has been raised, with the "Crypto Fund for Ukraine" run by Michael Chobanian -– the founder of the Ukrainian crypto exchange Kuna -– accounting for 60 percent of all donations.