As the war in Ukraine unfolds, the international cryptocurrency community has raised millions in donations to support its people. At present, the number of tallied funds raised for the invaded nation tops $100 million.
Writing for Finbold on Tuesday, Jordan Major noted:
“Ukraine continues to receive a substantial influx of cryptocurrency contributions, now worth more than $100 million, as more supporters show solidarity in the face of the escalating invasion. Russian.”
The total value of all known cryptocurrency donations to Ukraine is updated regularly at SlowMist. It’s a Chinese threat intelligence firm that keeps an online library of known malicious addresses, as well as address databases for other tabs holding, such as the effort to support Ukraine amid its current struggles.
Global Cryptocurrency Industry Embraces Ukraine in Peace Effort
As of March 31, the SlowMist database of charitable donations to Ukraine’s effort to seek peace in peace talks held with Russian officials in Istanbul, Turkey, shows nearly $104 million (USD) worth of crypto collected for the cause.
Some of that money is going to defensive equipment, according to a Ukrainian official, as well as airdrops to artists and creators documenting the Russia-Ukraine war.
This makes this war not only the first invasion of one sovereign nation by another in Europe since World War II, but the first to be documented in near real time in a rapidly evolving “NFT museum”.
This showcases the power of cryptocurrency as a relevant disruptor or even how sovereign nations make war, turning to the battlefield of online media and information warfare to deter violent aggression and sue for peace.
In what was initially a defensive war against aggression from the Russian Federation, Ukrainian forces began to retaliate. The Russian army invaded Ukraine in late February, with little resistance on the ground at first.
Bit for Bat. Tit for Tat?
But now, the Ukrainian military has taken the fight to Russia’s forces, who were evacuating citizens and placing two villages under a state of emergency as Ukrainian artillery began shelling in Zhuravlyovka and Niekhoteyevka, Fox News’ Michael Lee reported Tuesday.
In a possibly related development, Russia announced this week that it would withdraw its military forces to two Ukrainian cities, Chernihiv and the capital kyiv. Negotiators for both governments in Istanbul described the talks as productive, although they did not result in any immediate truce or treaty between the two powers.
Bottom Line for Crypto Investors
The war in Ukraine has hastened the adoption by the former Soviet state, with Web3 applications built on blockchain and cryptocurrency platforms. BlackRock CEO Larry Fink is bullish on crypto adoption because of what is happening in Eastern Europe.
Paulina Likos of US News and World Report on Tuesday explained how the war is accelerating the adoption of digital assets like Bitcoin (BTC) and Ethereum (ETH).
Ethereum co-founder Vitalik Buterin recently emphasized that supporting Ukraine does not take away from efforts to help others in war-torn regions elsewhere around the globe.
He also reminded his followers that while not neutral, opposing Russia’s use of force in Russia, Ethereum is and remains a neutral and politically agnostic technology platform.
