The crypto community has come to the rescue with a donation worth $54 million in crypto funds through Aid For Ukraine. This has immensely supported the country’s military efforts against Russia, Ukraine Deputy Prime Minister Mykhailo Fedorov has revealed.
According to Fedorov’s tweet in which he praised the crypt community for its assistance, the impressive $54 million in crypto funds were funneled through the Ukrainian government-run initiative Aid For Ukraine.
According to the Ministry of Digital Transformation of Ukraine, Aid For Ukraine’s $54 million major portion consists of 10,190 Ether (ETH) worth $18.7 million, 595 Bitcoin (BTC) worth $13.9 million, USD Coin (USDC) worth $2.2 million, and Tether (USDT) worth $10.4 million.
These amounts have gone toward military equipment, hardware, and munitions. This includes $11.8 million worth of unmanned aerial vehicles (UAVs).
A significant sum was also spent on armor vests at $6.9 million, along with $3.8 million on field rations, and $5.2 million on anti-war media campaigns. Moreover, $5 million was also spent on weapons of Ukraine’s Ministry of Defense request with many other military and medical accessories.
Last month, Ukraine’s Deputy Minister of Digital Transformation, Alex Bornyakov showed his support and optimism for crypto, saying that it has become an essential tool of Ukraine’s defense.
Aid For Ukraine works by transferring crypto into the crypto exchange FTX, which converts it into fiat, and is then transferred to the National Bank of Ukraine.
Aid for Ukraine isn’t only an organization assisting Ukraine in pushing defense efforts. Reserve Fund of Ukraine, UkraineDAO, Come Back Alive, and Unchain Fund have also contributed funds in seven-figures but the amount of crypto-based funds hasn’t been disclosed yet.
