As the war in Ukraine unfolds, the international cryptocurrency community has raised millions in donations to support its people. At present, the amount of funds raised for the invaded land is over $100 million.
Writing for Finbol Tuesday, Jordan Major noted:
“Ukraine continues to receive a substantial influx of cryptocurrency contributions, with values now reaching more than $100 million, as more benefactors show solidarity in the face of the escalating Russian invasion.”
The total value of all known cryptocurrency donations to Ukraine is regularly updated on SlowMist. It is a Chinese threat intelligence company that maintains an online library of known malicious addresses, as well as address databases for other tabs, such as efforts to support Ukraine during its current struggle.
Global Cryptocurrency Industry Embraces Ukraine in Peace Efforts
On March 31, the SlowMist database of charitable donations to the Ukrainian effort to demand peace in peace talks with Russian officials in Istanbul, Turkey shows nearly $104 million (USD) in crypto raised for the cause.
Some of that money will go toward defensive gear, according to a Ukrainian official, as well as airdrops to artists and creators documenting the war between Russia and Ukraine.
In fact, that 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 shows the power of cryptocurrency as a relevant disruptor or even how sovereign nations are waging war, turning to the battlefield of online media and information warfare to deter violent aggression and demand peace.
In what was initially a defensive war against Russian Federation aggression, Ukrainian forces have begun to fight back. The Russian army invaded Ukraine in late February, initially with little resistance on the ground.
Bit for Bat. Tit for Tat?
But now the Ukrainian army has gone head-to-head with Russian forces, who evacuated civilians and put two villages under a state of emergency when Ukrainian artillery began shelling Zhuravlyovka and Niekhoteyevka, Fox News’ Michael Lee reported Tuesday.
In a possibly related development, Russia announced this week that it will withdraw forces in two Ukrainian cities, Chernihiv and the capital Kiev. Negotiators from both governments in Istanbul have described the talks as productive, although they have not led to an immediate ceasefire or treaty between the two powers.
Bottom Line for Crypto Investors
The war in Ukraine has accelerated adoption by the former Soviet state, with Web3 applications built on blockchain and cryptocurrency platforms. BlackRock CEO Larry Fink is optimistic about crypto adoption because of what is happening in Eastern Europe.
US News and World Report’s Paulina Likos outlined on Tuesday how the war is accelerating 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 world.
He also reminded his followers that while he is not neutral, against the use of force by Russia and Russia, Ethereum is and remains a neutral, politically agnostic technology platform.
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