Ukraine Utilizes Cryptocurrency Donations for Military Equipment Amidst Ongoing Conflict\n\nUkraine has found a unique solution to its urgent need for military equipment amidst the ongoing conflict with Russia. According to the nation’s deputy digital minister, Alex Bornyakov, 60% of suppliers have been able to accept cryptocurrency as payment for combat essentials such as helmets and bulletproof vests. This comes after the Ukrainian government’s Twitter accounts posted requests for cryptocurrency donations in February 2022, with over 100,000 people responding.\n\nBornyakov explained that the decision to turn to crypto was due to the immediate need for help, as traditional financial systems would have taken days to process. He also expressed surprise at the high number of suppliers who were able to accept crypto as payment, including companies manufacturing goods like bulletproof vests and helmets.\n\nThe Crypto Fund Aid For Ukraine initiative, powered by Ukraine-based crypto platform Kuna and blockchain company Everstake, has raised over $54 million in donations. This has allowed Ukraine to purchase military equipment such as medical kits, rifle scopes, and thermal imagers. Bornyakov praised the success of the initiative, citing its efficiency and speed in accessing funds through crypto.\n\nWhile the donations have primarily been in popular cryptocurrencies like bitcoin, ethereum, and USDT, Ukraine has also received donations in other digital assets such as cardano, solana, and polkadot. The country’s vice-prime minister, Mykhailo Fedorov, expressed gratitude for the support from the crypto community, stating that the donations have helped in the ongoing conflict.\n\nIn a statement to Yahoo Finance UK, Alona Shevchenko, co-founder of Ukraine DAO, highlighted the critical role of crypto in the early days of the conflict. She explained that the central bank had introduced limits on foreign currency transfers, making it difficult to access traditional financial support. Thanks to crypto, Ukraine was able to cover some of its immediate defense needs.\n\n Ukraine’s use of cryptocurrency donations for military equipment has proven to be a successful and efficient solution in the face of ongoing conflict.