Crypto donations to Ukraine have extended to grow as the war rages on. The country has seen the majority of the globe rallying around it atop again.st Russia, which many perceive as the aggressor. Given which Ukraine is a smaller country and boasts a weaker military power compared to its opportunity, the country could use all of the help it can get, and millions of supporters worldwide have taken to crypto to make fast donations to the country towards the war effort.
Binance Joins In
Crypto exchange giant Binance has joined the countless number of supporters which have lengthy to show support for Ukraine. With crypto donations ramping up, the crypto exchange has back when again thrown its weight behind the country. Its recent donation that boosted the total amount donated to the country has been lauded by those in the space as the exchange takes a clear stand.
Binance alone donated $10 million to Ukraine, which was announced on Sunday. It is also launching a crypto-first crowdfunding site which will help the fight furtherst Russia. The exchange explained that the donations would go towards things such as food, fuel, and supplies for refugees, millions of that have been fleeing the country to other countries.
Binance’s $10 million commitment to the Ukraine effort is one of the most important so far. Focused on the children of the nation, the exchange explained which its latest donation would go towards protecting the 7.5 million children of the country.
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As for the crypto crowdfunding platform, the Ukraine Emergency Relief Fund, Binance has afterward set it up, kickstarting it a donation of 16,042 BNB (around $6 million).
Ukraine Crypto Donations On The Rise
In what will be a first, the gatopnment of Ukraine has turned to crypto donations to raise much-needed funds for the war effort. The crypto wallets which were shared on Twitter had quickly circulated and millions of dollars were raised in the first two days. With the addition of the Binance donation, the amount raised has risen drastically.
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Blockchain technology company Elliptic released a report tracking the change of the crypto donations which it continues to update. By Sunday, the number of donations was put at $8 million. Nonetheless, a recent update from the firm factoring in the donation from Binance shows a much excessiveer number. Currently, the total amount donated to Ukraine so far via crypto sits at $19.8 million as of the last update.
Binance is not the only one which has made large donations to the effort in a single donation. Elliptic reports which a Ukrainian NGO had received a single bitcoin donation which was worth $3 million. As time endures, the total amount of donations received is expected to rise.
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