Ukraine Uses Donated Crypto to Pay for Military Supplies – Government Says $50 Million in Crypto Raised in a Week

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Ukraine Uses Donated Crypto to Pay for Military Supplies – Within a week of Russia’s invasion of Ukraine, the Ukrainian government said that $50 million in cryptocurrencies had been raised. So far, the government has spent $15 million in cryptocurrency given by the public to purchase military supplies.

According to Bloomberg, Ukraine’s deputy minister of digital transformation, Alex Bornyakov, said Friday that his government spent $15 million in donated cryptocurrency on military supplies, including protective vests. He stated that the acquired military equipment was delivered Friday in a Zoom interview from an undisclosed location in Ukraine.

Since the crisis with Russia began, many people have donated cryptocurrencies to the Ukrainian government.

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Ukraine’s vice prime minister and minister of digital transformation, Mykhailo Fedorov, tweeted on Friday that the Ukrainian government has raised $50 million in cryptocurrencies in just one week. The majority of donations were made in bitcoin (BTC) and ether (ETH). He now plans to raise $100 million, which would be a double of what he has already raised.

According to Bloomberg, Bornyakov also stated that the Ukrainian government intends to double its $50 million in bitcoin donations in the following two to three days.

He claimed that his ministry secured suppliers for the army in the United States and Europe two days after Russia began its invasion of Ukraine, including food packages, vests, night vision gadgets, and  bandages.

Furthermore, according to the deputy minister of digital transformation, roughly 40% of suppliers are eager to accept cryptocurrency payments. The rest is paid in cryptocurrency then turned into dollars and euros.

According to the publication, the government is also collaborating with two companies to create a non-fungible token (NFT) collection to raise more funds.

Also Read: Citadel Plans to Start Making Markets in Crypto in Coming Months

Bornyakov speculated that it may be ready in less than two weeks:

“No one was prepared to do military NFTs; the conflict had only begun eight days ago, and they were still figuring out how to design them.”

He confirmed that a Cryptopunk was donated regarding donated NFTs. “But it’s so difficult to sell,” he added. “We haven’t put it to use yet. For the time being, we’ll keep it. There isn’t enough time to figure out how to transform them. Perhaps once things have calmed down, we’ll be able to figure this out.”

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