Ukrainians use cryptocurrency to combat Russian forces stationed in Ukraine. An analytics company that uses blockchain technology Elliptic discovered that Ukrainian crowdfunding had increased 900% since 2021, with most donations coming from within Ukraine itself rather than externally like before when it was funded mainly by other countries or organizations who saw what they called “a crisis.”
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This has led to a notable rise in crypto-funding for these organizations. Because of this, donors are now able to use digital currency as an alternate channel, even if traditional financial systems have restrictions.
Bitcoin allows people worldwide to make connections and create change that lasts far beyond anyone’s donations – crypto contributions can now harness this power.
Non-governmental organizations and volunteer groups were able to receive more than $500,000 in Bitcoin crowdfunding funds by 2021. This was 900% more than in 2020.
Many citizens have risen to arms in protest of the Russian invasion because the Ukrainian army was rapidly falling apart against it. They are called “volunteer groups.” They get funding from private donations.
Ukrainian Fundraising Campaigns Receive Crypto Funding
In today’s modern age, cryptocurrency is becoming more and more common as funding for fundraising campaigns. Elliptic’s study shows that digital currency users can contribute to these types of organizations and receive payment from them more effortlessly than ever before without having any interference or problems with cross-border payments, which makes it very attractive, among other things too.
Because of the risk of having their payment denied, many private donors have switched to Bitcoin instead of using bank wires and mobile payment systems. Due to restrictions placed by financial institutions on funds that are raised via this method, some fundraising campaigns had their accounts shut down before. This type of donation is relatively new. Still, it’s becoming more popular among those seeking alternative ways to donate money.
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Elliptic has revealed that one of the organizations they’ve uncovered thus far, Come Back Alive– a group that received nearly $200,000 in funding recently from September to December last year–provides support primarily for Ukraine’s army.
For years, funding has been available via cryptocurrency for cybersecurity organisations. The Ukrainian Cyber Alliance is one such organisation. This group is mainly involved in cyber operations against Russia’s hackers and propagandists. It receives support from supporters around the world through Bitcoin donations and Litecoin mining ventures. They’ve received almost $100 thousand in Bitcoin and other cryptocurrencies to fund their operations against Russia last year.
Near Ukraine’s Border, 10,000 Russian Troops Are Massacred
Residents are worried about the recent rise in military deployments near Ukraine’s border. Russia was already stationed in the eastern Donbas for more than 10000 troops since the Maidan revolution. More than 6000 people have been killed by violence, which includes soldiers. Each side is responsible for the deaths.
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