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Crypto donations to Ukraine have continued to grow as the war rages on. The country has seen the majority of the globe rallying around it against Russia, which many perceive as the aggressor. Given that Ukraine is a smaller country and boasts a weaker military power compared to its opportunity, the country could use all of the help it can get, and millions of supporters worldwide have taken to crypto to make fast donations to the country towards the war effort.
Binance Joins In
Crypto exchange giant Binance has joined the countless number of supporters that have continued to show support for Ukraine. With crypto donations ramping up, the crypto exchange has also thrown its weight behind the country. Its recent donation which boosted the total amount donated to the country has been lauded by those in the space as the exchange takes a clear stand.
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Binance alone donated $10 million to Ukraine, which was announced on Sunday. It is also launching a crypto-first crowdfunding site that will help the fight against Russia. The exchange explained that the donations would go towards things such as food, fuel, and supplies for refugees, millions of which have been fleeing the country to other countries.
Binance’s $10 million commitment to the Ukraine effort is one of the most significant so far. Focused on the children of the nation, the exchange explained that its latest donation would go towards protecting the 7.5 million children of the country.
Total market cap at $1.6 trillion | Source: Crypto Total Market Cap on TradingView.com
As for the crypto crowdfunding platform, the Ukraine Emergency Relief Fund, Binance has since set it up, kickstarting it a donation of 16,042 BNB (around $6 million).
Ukraine Crypto Donations On The Rise
In what will be a first, the government of Ukraine has turned to crypto donations to raise much-needed funds for the war effort. The crypto wallets which were shared on Twitter had quickly circulated and millions of dollars were raised in the first two days. With the addition of the Binance donation, the amount raised has risen drastically.
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Blockchain technology company Elliptic released a report tracking the progress of the crypto donations which it continues to update. By Sunday, the number of donations was put at $8 million. However, a recent update from the firm factoring in the donation from Binance shows a much higher number. Currently, the total amount donated to Ukraine so far via crypto sits at $19.8 million as of the last update.
Binance is not the only one that has made large donations to the effort in a single donation. Elliptic reports that a Ukrainian NGO had received a single bitcoin donation that was worth $3 million. As time goes on, the total amount of donations received is expected to rise.
Featured image from Binance, chart from TradingView.com
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