The Ukraine fund spent $ 54 million of crypto donations for military equipment

Von Krypto News Österreich

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  • around $ 54 million from the fund were issued for riflescope, west, helmets and tactical backpacks
  • The lion's share, around $ 11 million, went to unmanned aircraft

One of the non-profit war funds of Ukraine spent $ 54 million of its crypto donations for military hardware, since the country has entered the 25th week since the Russian invasion.

Vice Prime Minister of Ukraine and Minister for Digital Transformation, Mykhailo Fedorov, tweeting on Thursday's costs of the fund for purchases, which among other things for helmets and digital targets were made.

The lion's share, around $ 11 million, went to unmanned aerial vehicles, closely followed by armored vests, computer hardware and software.

"Thanks to the crypto community for the support since the beginning of the comprehensive invasion," tweeted the minister.

Donations went to the non -profit "Help for Ukraine", which is operated by the Ukrainian Ministry of Digital Transformation. The crypto payment rails are supported by the FTX crypto exchange, the Ukrainian Kuna exchange and the Defi-Staking provider Everstake. The fund was first launched in March.

"Despite the" bear market ", crypto has become an essential instrument of Ukrainian defense that offers flexibility and speed and literally saved our soldiers," said Bornyakov tweeted at the end of July. stay. "

Donations can take place with Bitcoin, Ether, USDT, Solana and Polkadot. The collected funds flow into humanitarian aid programs and the Ukrainian armed forces.

background of the crypto donation

The crypto community-which began to donate at the beginning of the invasion-has so far collected more than $ 60 million for the fund for the fund Russia crossed the Ukraine territory on February 24 after troops were built on the borders of the country for weeks, which led to a worldwide conviction in Russia, including the economic sanctions listed by the USA.

The Ukraine, a crypto -friendly nation, legalized digital assets this year with the adoption of their law "About virtual assets" in February, which was later ratified by the state, Wolodymyr Selenskyj.

The law has started a formal framework for the establishment of a legal market for digital assets and introduced a licensing system and a regulatory supervision. The law coincides with donations from the crypto community, which is said to href = "https://www.economist.com/the-economist-explains/2022/05/how-is-ukraineusing-crypto-fund-the-war"> Hundreds of millions .

fluctuating crypto prices have had a negative impact on the overall purchasing power that Ukraine needs to store their ammunition and supplies. Before the last major "decline" in June, the country made a separate purchase worth $ 58 million, said Alex Bornyakov, the deputy minister for digital transformation of Ukraine Coindesk

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The Post Ukraine Fund Spends $ 54m of Crypto Donations on Military Gear is not a financial advice.