CryptocurrencyNews

Russian Attack: Fund relief being raised by Ukraine through Crytocurrency

Days after Russia launched an attack on Ukraine, donations have been sent out, supporting the citizens and her country. One interesting way Ukraine has tapped into raising funds amidst the crises is through the cryptocurrency communities. It is reported that the country has raised over $18.9 million through funds since the attack broke out.

Drawing the attention of various Crypto Fundraising Campaign created to assist and provide monetary support to the Ukrainian. This is enabled through NFT sales, donations, Charity auctions and more verticals. It is quite amazing that despite the upsurge between Russia and Ukraine, Cryptocurrencies, Bitcoin, Ethereum and others are still finding their place in the ongoing crises.

Before the attack, Ukraine ranked amongst the nations with quite a large adoption rate for the cryptocurrency industry and had a lot of Tech-savvy population.

With the Country facing an invasion that threatens them, Banks and other public places have been shut down and destroyed, thereby making Cryptocurrencies a means to rely on in terms of monetary possession and values, serving as a backup for the relief effort of its citizens.

Trending hashtags such as #StandWithUkraine# on various social media platforms, People have been sending their support through donations, especially in cryptocurrencies such as Bitcoin, Ethereum, and USDT, to support the movement, with certain numbers of various entities associated with the cryptocurrencies industry has shown a positive response to this call for help.

The Creator of Ethereum, VITALIK BUTERIN, while criticizing the invasion in a recent tweet, went further by sharing a certain range of the ongoing relief by the cryptocurrency industry and encouraging people to keep supporting through donations. The Unchain Fund is also raising humanitarian aid. A tweet by the Co-Founder of NEAR Protocol decentralized Application (dAPP) Platform and Competitor to Ethereum, in the person of IIIia Polosukhin, revealed how Un.chain fund is funding people across Kyiv, Lviv and other cities in Ukraine buying food, protection and medicine. Having notified all these, the Ukraine DAO also pleads for people to donate and hold auctions to generate money. According to them, the proceedings made from the charity will go toward civilians who assisted those suffering from the war.

The NFT artists are not left out; they also created humanitarian initiatives called “RELI3F”. It is interesting to know that the Cryptocurrencies communities are doing their best. As the CEO of the Cryptocurrency exchange FTX, Sam Bankman – Fried, donated $25 to each Ukrainian user on FTX, he made this announcement via Twitter. Blockchain Analysis Provider revealed that all these efforts had been summed up to approximately $18.9 million In relief funds for the war-hit Ukraine.

The Ukraine United DAO is working towards creating a peer-to-peer mesh network to help sustain the internet connectivity in the country, despite the fact the centralized Internet service has been disrupted by the ongoing attack certainly when the arrival of Cryptocurrencies has been said to be the new future today, they were certainly right.

Over time Cryptocurrency has been used for various charitable and humanitarian causes and purposes and has served as a money flow media in cases where banks are unavailable. We can see that extreme situations can make a crucial difference in money flow for a regional resident. It’s been said that Ukraine is looking to leverage this now as its existing financial Infrastructures risk collapsing.

One of the benefits of Cryptocurrency donation is that’s within their existence on the blockchain, which means that all funds can be traced at any given time. Unused funds will be returned directly or indirectly; with a huge community base, one can state that the cryptocurrency industry is making a difference in money flowing through fundraising and with the support of fundraisers.

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