Ukraine uses $15M worth of donated crypto to purchase military gear

Updated: 06 March 2022

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The Ukrainian government has spent $15 million worth of the received cryptocurrency donations on buying military supplies. Ukraine is estimated to receive nearly $50 million worth of donations made in digital assets.

The Ukrainian government plans to double the cryptocurrency donations flowing into the country within the next two to three weeks. The majority of the donations made have been in Bitcoin and Ethereum.

Ukraine uses donated crypto to buy military equipment

The deputy minister of Digital Transformation in Ukraine, Alex Bornyakov, has said that it has found suppliers in Europe and the US for military packages. The official said that 40% of these suppliers were willing to accept cryptocurrencies, while the rest converted the crypto payments into dollars and euros.

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The Ukrainian Crypto Fund has received $50 million worth of crypto over the past week. The country is aiming to raise $100 million this week. Besides Bitcoin and Ethereum, other cryptocurrencies used for donations include Tether, Polkadot, Tether and Solana. NFTs, including the highly valuable CryptoPunks, has also been donated.

Ukraine is also working on NFTs

The ministry is also working with two firms to create an NFT collection that will be dropped in less than two weeks. The proceeds realized from this sale will go towards supporting the military. The ministry is yet to finalize the details of this NFT collection regarding the design and whether it will be a limited edition.

The ministry is also not planning to donate the CryptoPunk NFT and other NFTs that have been donated towards the Ukrainian government. The value of CryptoPunks has grown significantly over the past year.

While acknowledging the CryptoPunks donation, Bornyakov added that “We are going to keep it for now. We appreciate every support that people are trying to give. What’s important is people’s awareness. They see what’s going on, and they are trying to help. We are going to work with NFTs a little bit later, we are focused on things we can deal with right now.” He also added that the ministry would figure out how to convert these NFTs later on, once things “settle down.”

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