• Chainalysis reported on the one-year anniversary of the Russian invasion in Ukraine that almost $70 million has been donated to addresses published by the Ukrainian government.
• Ether was the most donated crypto followed by bitcoin and stablecoin tether. The total amount of cryptocurrency transferred to Ukrainian government addresses is over $212 million.
• 87.3% of donations to pro-Russian groups were sent to mainstream, centralized exchanges instead of high-risk ones.
Crypto Donations for Ukraine
Chainalysis reported that nearly $70 million has been donated to addresses published by the Ukrainian government since the start of the Russian invasion in late February 2022. Ether was the most donated crypto followed by bitcoin and stablecoin tether, while donations from across the globe have amounted to over $212 million.
Donations Make an Impact
The blockchain intelligence firm noted that not only are these donations helping with military efforts but they can also encourage crypto adoption and strengthen the war-hit Ukrainian economy. Adoption by Ukraine surged over the course of war, ranking third in its 2022 Global Crypto Adoption Index, while Russian adoption declined despite soliciting crypto donations as well.
Pro-Russian Groups Receive Donations
Chainalysis said that more than 100 pro-Russian groups are now accepting crypto funding for their activities, although they have collected less than $5.4 million combined so far. Interestingly, most funds sent to these groups have gone towards mainstream, centralized exchanges instead of high-risk ones – 87.3%.
Cryptocurrency Philanthropy Across Globe
The report highlighted that cryptocurrencies can be used as a tool for philanthropy across borders and demonstrate global support for a nation or cause during times of need or conflict – something which fiat currencies cannot do as easily or quickly owing to international banking regulations and restrictions imposed by governments across countries..
Encouraging Crypto Adoption Worldwide
Furthermore, donating cryptocurrencies instead of fiat currency allows people from all parts of world access digital funds without having access to traditional banking services or credit cards – providing wider reach for those donating money on a global scale – thus encouraging broader crypto adoption worldwide .