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Ukraine uses donated crypto to pay for military supplies -- Government says $50 million in crypto raised in one week

In just one week after Russia invaded Ukraine, the Ukrainian government announced that it raised $50 million in cryptocurrency. 

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Ukraine uses donated crypto to pay for military supplies -- Government says $50 million in crypto raised in one week

To date, the government has spent $15 million on donated cryptocurrency for military supplies.

The Ukrainian Government spends $15 million in crypto on military supplies

Bloomberg reported that Alex Bornyakov (Ukraine's deputy minister for digital transformation) revealed Friday that his government had spent $15 million in donated cryptocurrency to purchase military supplies including bulletproof vests. He confirmed Friday that the military gear he purchased was delivered in a Zoom interview.

Since the Russian war began, many people have donated cryptocurrency money to the Ukrainian government.

Mykhailo Fedorov (Vice Prime Minister of Ukraine, and Minister of Digital Transformation) tweeted Friday that the Ukrainian government had raised $50 million in cryptocurrency in just one week. The majority of donations were made in Bitcoin ( BTC), and ether ( ETH). He now plans to increase the amount of funds raised to $100,000,000.

Bloomberg reported that Bornyakov also stated that the Ukrainian government plans to double its 50 million cryptocurrency donations within the next two-three days.

He said that his ministry had found suppliers in Europe and the U.S. for the army two days after Russia invaded Ukraine. This included vests, food packages and night vision devices.

The deputy minister of digital transformation also noted that around 40% of suppliers are open to accepting cryptocurrency payments. Rest are paid in crypto, which can be converted into dollars and euros.

Two companies are also being worked with by the ministry to launch a non-fungible token (NFT), to raise additional funds. The publication provides more details.

Bornyakov suggested that the product could be ready in as little as two weeks.

There was no one ready to perform military NFTs. The war started just eight days ago. They are still trying to design this.

He confirmed that a Cryptopunk was donated by someone to NFTs. He said, however, that it was difficult to sell. It hasn't been used yet, so we will keep it. It's too late to make them work. Perhaps once everything settles down, we will figure it out."


 

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