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HomeCryptocurrencyHere’s How Crypto Is Bolstering Ukraine's Defense Effort against Russian Soldiers

Here’s How Crypto Is Bolstering Ukraine’s Defense Effort against Russian Soldiers

Ukrainians are devising0 means to defend themselves against Russian troops that are positioned in their country, and cryptocurrency seems to be working perfectly for donations without the bank’s (third-party) interference.

As revealed by Elliptic, a blockchain analytics firm, Ukrainian crowdfunding had gained a relatively 900% increase since 2021, with most donations coming from within the country rather than from other countries or organizations.

Read Also: Russia’s Former President Dmitry Medvedev: Banning Crypto May Lead to the Opposite Result

As revealed by the analytics platform, one of the organizations from within Ukraine, which has been helping in crowdfunding for the country’s defense effort is Come Back Alive.

The group has reportedly received about $200,000 in funding between September and December 2021, providing support primarily for Ukraine’s army.

Also, Cybersecurity organizations have been receiving funding via cryptocurrencies for years now. A suitable example of such an organization is the Ukrainian Cyber Alliance.

The group predominantly carries out cyber operations against Russia-based hackers and propaganda disseminators. The organization relies solely on donations from supporters across the world via Bitcoin (BTC) or Litecoin mining ventures. Last year, they reportedly received nearly $100,000 donations in Bitcoin and other cryptocurrencies to fund their operations against Russia.

Crypto Is Taking the Centre Stage

With the possibility of their accounts being restricted by banks, private donors have resorted to donations in crypto as aforementioned.

Read Also: Russia Moves to Recognize Crypto Assets as a Form of Currency

These groups have seen a significant rise in cryptocurrency funding thanks to Bitcoin. Digital currency is becoming an alternative channel for donors, despite restrictions imposed by traditional financial systems.

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Since the Ukrainian military was effectively getting overwhelmed by the Russian invasion, many citizens have taken up arms to fight. They are called “volunteer groups.” They get funding from private donations, which come primarily from crypto.


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Solomon Odunayo
Solomon Odunayo
Solomon is a trader, crypto enthusiast, and analyst with over four years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At TimesTabloid.com, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.
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