The Russia and Ukraine war has pushed crypto adoption to a ‘point of no return’, according to Ethereum co-founder.
Russia and Ukraine war has pushed crypto adoption to a ‘point of no return’, Says Joe Lubin
The ongoing war between Russia and Ukraine, according to (CRYPTO: ETH) co-founder Joe Lubin, has pushed cryptocurrency adoption to a “point of no return.” Joe Lubin told Decrypt’s editor-in-chief Daniel Roberts at the “Camp Ethereal 2022” event that Ukraine’s adoption of cryptocurrencies as a potent weapon in its war against Russia is “another moment for our industry.”
“It represents crossing the chasm into mainstream adoption. Now we’re onto national security issues. It’s going to be so profound, a point of no return for our industry because it’s clear that our technology is very powerful and unstoppable,” said Lubin.
The Ukrainian government and a non-governmental organization have raised more than $63.8 million in cryptocurrency donations so far during the conflict with Russia.
Bitcoin, Ethereum, Dogecoin, and other cryptocurrencies have been used to make donations to Ukraine. Cryptocurrency exchange companies like Kraken and Binance have donated to show support to Ukraine.
Kraken recently announced that it will give $1,000 in bitcoin to Ukrainian users who sign up before March 9th. Kraken will also give away $1,000 in Kraken Fee Credits for no-cost conversions, allowing citizens to withdraw cryptocurrencies right away. It began on March 10th and will end on July 1st, 2022. At this time, currency conversion expenses of up to $1,000 will be waived.
Binance has made a $10 million donation to aid the Ukrainian humanitarian crisis. This is by far the greatest donation from the cryptocurrency sector. Ground logistics, food, fuel, supplies, refugees, somewhere to stay, visas, and more, according to Changpeng Zhao, CEO of Binance.
Vitalik Buterin, the co-founder of Ethereum, asked for sympathy for Russians and Belarusians who are fighting President Vladimir Putin’s “Z-ombie Regime” last week. Previously, he had condemned Russia’s invasion. Lubin likened recent events in Eastern Europe to a weapons race between nation-states vying for the usage of bitcoin.
“This country and many others are going to have to make use of this powerful tool and weapon. Nobody likes weapons, but you have to be as capable with powerful weapons as your neighbors are,” Decrypt quoted Lubin as saying. “Every nation-state has to create policy, get savvy, and start wielding these tools.”
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