Aid for Ukraine’s $54M crypto fund buys vests, scopes, and UAVs

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The Deputy Prime Minister of Ukraine has revealed that the crypto community has invested an impressive $54 million worth of crypto funds through “Aid for Ukraine” aimed at supporting the country’s military efforts against Russia.

According to Ukraine’s Deputy Prime Minister Mykhailo Fedorov, $54 million has been funded through the Ukrainian government-run initiative ‘Aid for Ukraine’. Twitter Post Thursday, who thanked the crypto community for their support:

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“Every helmet, bulletproof vest and night vision device saves the lives of Ukrainian soldiers. Thus, we must continue to support our defenders. Many thanks to everyone in the crypto community for supporting Ukraine!”

According to Ukraine’s Ministry of Digital Transformation, Ukraine’s $54 million in aid came mostly in the form of 10,190 Ether (ETH), worth $18.7 million, 595 bitcoin (BTC), $13.9 million, Tether (USDT) worth $10.4 million. million dollars. USD Coin (USDC), which is worth $2.2 million.

The crypto payments have gone toward military equipment, hardware and warships, including $11.8 million worth of unmanned aerial vehicles (UAVs), commonly used to find enemy soldiers and direct attacks.

A significant amount of donations were also spent on armor vests, $6.9 million, as well as $3.8 million on field rations, $5.2 million on anti-war media campaigns, and “$5.0 million on weaponry”. Had gone. [Ukraine] Ministry of Defense requests ”, among other military and medical goods.

“Crypto is playing an important role in the defense of Ukraine”, Ukraine’s deputy minister for digital transformation Alex Bornyakov said on the government-linked charity website.

Ukrainian-based crypto exchange KUNA’s founder Mike Chobanian said the crypto community’s contributions have shown the impact of blockchain technology on nation-states, stating that it can serve as a “backbone of global security” in times of need. Is.

The Support for Ukraine crypto exchange works by transferring crypto to FTX, which converts crypto to fiat, and is then withdrawn and transferred to the National Bank of Ukraine.

related: Ukraine Receives $37M in Tracked Crypto Donations So Far

But Aid for Ukraine is not the only organization seeking funding to aid Ukraine’s defense efforts. The Reserve Fund of Ukraine, Come Back Alive, UkraineDAO and Unchain Fund have also contributed funds in the seven-figure range, although the amount of the crypto-based fund has not been disclosed since March.