Crypto has emerged as a primary method of choice for fundraising and donations as it offers a number of advantages over banks and traditional methods of money transfer which are slow, expensive, and often restricted and monitored. The crypto community is showing support to Ukraine with cryptocurrency donations. The Ukrainian government had called upon the crypto community to pledge support in a series of appeals on social media over the weekend.
Binance commits $10 million in crypto to Ukraine.
The Ukrainian government has called upon the crypto community to pledge support in a series of appeals on social media over the weekend. The world’s leading crypto exchange Binance donated $10 million to Ukraine. The exchange announced, “This donation will be split between major intergovernmental organizations and nonprofit organizations already on the ground, including UNICEF, UNHCR, the UN Refugee Agency, iSans, and People in Need, to help support displaced children and families in Ukraine and its neighboring countries.”
Crypto community donates to Ukraine.
Reuters reported a total of $8 million on Feb 27. However, blockchain analytics firm Elliptic has updated its figures as of Feb 27, 23:50 UTC. The total received by the Ukrainian government is currently $18.9 million, the majority of which came over the past two days from Mr. Fedorov’s appeal. The amount received has almost doubled over the past 24 hours. Elliptic broke down the donations by crypto-asset, revealing “the majority of donations received to date have been in Bitcoin and Ether, although US Dollar stablecoins contribute a significant proportion.” 56.4% has been donated in Bitcoin, 31.8% has been Ethereum, while 10.9% is stablecoins and less than one percent other altcoins.