Ukraine’s Military Receives $4M in Bitcoin Donations Amid Ongoing Crisis

Ukraine’s non-governmental organizations (NGOs) and volunteer groups have raised $4 million in bitcoin donations to support soldiers in the ongoing conflict with Russia.

According to data from the blockchain analytics firm Elliptic, the NGOs had received several bitcoin donations in varying amounts, with one donor sending over $3 million worth of the digital asset.

One of the benefactors is these donations is the NGO dubbed Come Back Alive. Formed in May 2014, Come Back Alive is a Ukrainian NGO that raises funds to help soldiers during war.

The organization, which started accepting crypto as an option for donations back in 2018, offers support like medical supplies, humanitarian aid, weapons, and psychological support.

This news comes at a time when NGOs and volunteer groups in Ukraine have been accumulating funds via crowdfunding. Elliptic recently revealed that these organizations raised a total of $570,000 in 2021 with Come Back Alive receiving $200,000 in bitcoin out of it.

“Cryptocurrency is increasingly being used to crowdfund war, with the tacit approval of governments,” Tom Robinson, chief scientist of Elliptic, said.

Crypto as a Funding Method

In the past, NGOs and voluntary groups all over the world had been receiving donations in fiat currency. However, in recent times, these organizations have turned to crypto, seeing it as a reliable funding option and accepting it as donations.

One of the major reasons crypto is being used recently as an option is because of its decentralized nature, which means it can bypass restrictions imposed by banks and other financial institutions.

There has been a growing list of NGOs and voluntary groups now accepting crypto as an option to raise funds.

Back in 2020, an NGO dubbed the “Human Rights Foundation,” or HRF, started accepting donations in Bitcoin via BTCPayServer, a self-hosted, open-source cryptocurrency payment processor.

Last month, Susan G. Komen, a U.S. breast cancer organization, announced a partnership with The Giving Block to allow it to accept crypto donations.

Meanwhile, Ukraine’s Vice Prime Minister Mykhailo Fedorovon recently disclosed via his Twitter handle that the country’s parliament adopted a law that declares Bitcoin and other cryptocurrencies legal in the country.

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