Crypto-currencies worth $8 million raised by Ukraine Government

Crypto derivatives volume hits high
Crypto derivatives volume hits high

By 10:30 GMT Sunday, across almost 11500 donations, the wallet addresses had received crypto-currencies worth $7.9 million

After posting appeals on social media for donations of bitcoin and other digital tokens, Ukraine’s Government has almost raised $8 million in crypto-currencies, according to block-chain analysis company, Elliptic.

Following the country’s invasion by Russia, Ukraine’s official Twitter account made the appeal for transactions of crypto-currencies on Saturday posting digital wallets addresses for tokens including bitcoin and ether.

Mykhailo Fedorov, Vice-Prime Minister of Ukraine Tweeted the wallet addresses. “Stand with the people of Ukraine. Now accepting crypto-currency donations”, wrote Fedorov, who is also minister of digital transformation.

The donations came as Russian military vehicles pushed into Ukraine’s second-largest city Kharkiv on Sunday and explosions rocked oil and gas installations on a fourth day of fighting in the biggest assault on a European state since World War Two.

By 10:30 GMT Sunday, across almost 11500 donations, the wallet addresses had received crypto-currencies worth $7.9 million, London-based Elliptic said. The company tracks the movement of digital coins on the block-chain, a public ledger that records transactions of crypto-currencies.

Ministry of digital transformation of Ukraine did not immediately reply to requests for comment.

Its crypto crowd-funding appeal is unprecedented. Though some states such as El Salvador have embraced crypto-currencies, Ukraine’s appeal for direct donations is among the first of its kind. What Kyiv would use the funds for was not clear.

Since Russia launched its invasion on Thursday, Crypto donations to Ukrainian volunteer and hacking groups have also spiked, Elliptic said this week.

The donations to such groups, some of which have supplied equipment to Government forces, grew strongly in January as Russia massed troops near Ukraine’s border ahead of its invasion.

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