Ukraine Uses Crypto Donation Funds To Purchase Bulletproof Vests, Drones And Military Supplies

Crypto donations for Ukraine are still ongoing. (Photo; Geralt - Pixabay)

JAKARTA – Crypto donations for Ukraine are still ongoing. This is part of the crypto community's solidarity with the country led by President Volodymyr Zelensky. So far, the donations have collected as much as 4 million US dollars (equivalent to Rp. 604.2 billion). The donation is intended to meet the medical supplies and weapons of the Ukrainian troops in defending their country.

Based on data reports from Elliptic, donations are not only in the form of crypto, but also in the form of NFT worth 200 thousand US dollars or equivalent to Rp. 2.8 billion. In addition, the Kuna.io crypto platform also reports that some of the crypto donations received have been converted to Euro currency.

The funds raised will be used to purchase military equipment, including bullet-proof vests, drones, fuel, and heat-resistant goggles.

"We obviously can't buy nuclear bombs or rockets, however, most non-lethal items can be purchased using cryptocurrencies," said the founder of crypto exchange Kuna.io, Michael Chobanian.

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In addition, he also explained that the Ukrainian government would first exchange less popular cryptocurrencies to spend on military purposes.

Meanwhile, other high value cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) will be kept because they are considered more stable. Since a few weeks ago, the Ukrainian government through Deputy Prime Minister Mykhailo Fedorov has asked the crypto community to donate its holdings to help Ukrainian troops resist Russian military attacks.

Initially the Ukrainian government only listed three crypto wallet addresses for donations, namely Bitcoin, Ethereum and the stablecoin USDT. Some in the crypto community have suggested that the government should also list other crypto addresses. The government immediately responded to the request, then displayed digital wallet addresses for crypto donations Polkadot (DOT), Solana (SOL), then Dogecoin (DOGE).