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Bitcoin donations for Ukraine military surpass $1M

On Friday, a Patreon fundraising website for the Ukrainian military was deleted, although donations to the organization’s Bitcoin wallet surpassed $1 million.

Come Back Alive, a Kyiv-based nonprofit organisation founded in 2014, said the donations would be used to purchase military equipment for Ukrainian soldiers, including armour and medical kits. Director Taras Chmut said the organisation had been receiving tiny donations for several months, but when Russia invaded, it received over $300,000 in donations, many of which were less than $1,000.

On crypto philanthropy portal The Giving Block, digital asset donations increased by 1,558 percent in 2021, indicating that crypto is becoming a more efficient means of charity and donations.

According to CoinGecko data, trading volume on Ukrainian crypto exchange Kuna has more than tripled since Russia invaded the Eastern European country on Friday. On Thursday morning, Asia time, the 24-hour trade volume at Kuna was around US$1.5 million, but it is now just under US$5 million as of press time.

Since the attacks, Bitcoin is currently trading at a 7% premium on the Ukrainian platform, indicating that local demand has outpaced available supply.

The Ukrainian exchange is presently trading bitcoin for US$41,554, which is US$2,821 more than the global price of US$38,733. The price of bitcoin in Kuna increased overnight after Russian President Vladimir Putin announced a “special military operation” to “demilitarise and de-Nazify Ukraine.”

Following a severe Thursday selloff triggered by news of Russia’s military incursion, the market is showing signs of recovery on Friday, with Terra leading the way with an 18 percent gain.

 

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