How cryptocurrencies save the lives of hundreds of thousands of Ukrainians in war

Since the Russian invasion, cryptocurrencies have become one of the largest and most effective channels for financing Ukraine's humanitarian and military needs. 

Medicines and clothes, food and water, housing for refugees and many other basic necessities - the purchase and delivery of all this to Ukrainian cities has become a priority task, which is complicated by the almost paralyzed operation of the currency market. Under these conditions, cryptocurrencies have become a lifeline.

As of this writing, Ukraine has received more than $96.5 million in crypto-assets in donations.

The government, private companies, charities and public organizations, celebrities and just people who care about Ukraine are launching various initiatives to collect donations to help Ukraine through digital assets.

How exactly is Ukraine raising funds to save the lives of hundreds of thousands of people in the country?

Almost immediately after the war began, Ukraine's official Twitter account published cryptocurrency addresses for donations.

The country's Ministry of Finance turned to the Kuna exchange for help in creating cryptocurrency wallets - that's how the initiative of the CryptoFund of Ukraine came about. 

Subsequently, the list of supported assets and partner crypto-projects expanded. FTX and Everstake joined the initiative - that's how the Aid for Ukraine website appeared, where various wallet addresses for Ukraine are collected. Among them are bitcoin, Ethereum, Tether, Dogecoin, Monero and other coins.

Every few hours all collected funds are transferred to cold storage. They are protected by multisig and controlled by a trusted group of people.

The donations received are distributed to the Ukrainian army and humanitarian aid to war victims.

The country's Ministry of Finance turned to the Kuna exchange for help in creating cryptocurrency wallets - that's how the initiative of the CryptoFund of Ukraine came about. 

Subsequently, the list of supported assets and partner crypto-projects expanded. FTX and Everstake joined the initiative - that's how the Aid for Ukraine website appeared, where various wallet addresses for Ukraine are collected. Among them are bitcoin, Ethereum, Tether, Dogecoin, Monero and other coins.

Every few hours all collected funds are transferred to cold storage. They are protected by multisig and controlled by a trusted group of people.

The donations received are distributed to the Ukrainian army and humanitarian aid to war victims.

The functionality of crypto exchanges allows you to build complex cryptocurrency and fiat gateways to pay for certain orders. We have such gateways. Merchants and sellers have already started to treat crypto adequately and it has become a way to pay.

In addition, WhiteBIT has integrated with the Ukrainian portal of public services "Dia".

Foreign exchanges also help Ukraine. Binance donated $10 million to solve the humanitarian crisis, and its charity initiative Binance Charity donated $2.5 million in cryptocurrencies to support UNICEF's work to save the lives of children in Ukraine.

Decentralized exchange Uniswap introduced an interface to convert ERC-20 tokens into Ethereum and send funds to a Ukrainian crypto fund.

American bitcoin exchange Kraken distributed more than $10 million to Ukrainian users as an aid amid Russia's invasion.

The cryptocurrency community has become a strong supporter for Ukrainians affected by the Russian invasion. 

From the early days of the war, activists launched a campaign to collect donations from Unchain Ukraine. Funds are stored in a multi-signature wallet until distribution.

The Palianytsia Foundation is dedicated to helping refugees and war-affected Ukrainians. Among its founders are several representatives of the crypto community.

The peculiarity of the fund is in the organization of logistics of reception and delivery of humanitarian aid.

In addition to the delivery of humanitarian aid, the fund provides shelter for refugees, provides them with everything they need and provides psychological and legal assistance.

The global bitcoin community also supports Ukraine. Polkadot blockchain project founder Gavin Wood donated more than $5.7 million to DOT, Solana enthusiasts donated $1 million, and Slush Pool, the oldest bitcoin mining pool, sent 10 BTC to the Turn Alive Foundation. 

The latter is one of the largest funds and accepts donations in various crypto-assets. As of this writing, according to Slowmist, Turn Alive has raised more than $19 million in bitcoin, Ethereum and TRON.

NFT in war conditions

Non-exchangeable token technology, which has become extremely popular, has also become one of the tools to help Ukraine. 

Numerous NFT initiatives have been launched, ranging from public (the NFT Museum of the Russian War against Ukraine by the Ministry of Digital) to private ones. 

Among the latter:

Ukraine's Angels collection from blockchain solutions developer ElephantsLab

Ukraine DAO initiative

StandWithUkraine collection by blockchain company 4IRE

NFT by public organization Peremoga 17

initiative from Cardano enthusiasts and many others.

In addition, an unknown person donated more than $200,000 worth of CryptoPunks collection to Ukrainian crypto fund NFT, and the team of NFT project Bored Ape Yacht Club reported that it donated more than $1 million in Ethereum to Ukraine.

This situation contributes to the mass adoption of cryptocurrencies not only in Ukraine, but also worldwide, as they are now one of the few ways to help the country, proving in many ways more effective than the traditional financial system. 

I received a sponsorship renewal from my friend @Talecharm and I also want to thank my generous reader @ewyr- thank you from the bottom of my heart for your support! Thank you for not leaving me in this difficult time!!! Thank you🧡

22.04.2022

@ Belozoriana