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Bitcoin donors fund Ukrainians in war against Russia

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TL;DR Breakdown

  • Bitcoin donors fund Ukrainians in war against Russia.
  • More and more individuals continue to embrace crypto donation trend.

More and more Bitcoin donors have continued to provide finances for Ukrainians in their conflict against Russia over the past six years.

According to data from blockchain analytics company Elliptic, Ukrainian volunteer groups and non-government organizations (NGOs) received more than $570,000 in Bitcoin donations throughout 2021.

The firm states that the total Bitcoin donations made to Ukrainian NGOs in 2021 represent a 900% increase from the previous year.

Bitcoin donors and the Ukraine, Russia crisis

Volunteer groups and Bitcoin donors have played a critical role in Ukraine’s conflicts over the past decade. During the Maidan Revolution, which led to pro-Russia President Viktor Yanukovych’s ousting in 2014, volunteer organizations emerged to support the protesters and assist the wounded.

Shortly afterward, Russia seized Crimea and triggered a war in the eastern Donbas region of Ukraine. After decades of corruption and neglect, the Ukrainian military could not cope, and again volunteer groups stepped in. They provided soldiers, weapons and medical supplies to fill the gap.

These groups are funded by private donors, who have used bank wires and payment apps to donate millions of dollars. Bitcoin has also emerged as an important alternative funding method, allowing international donors to bypass financial institutions that are blocking payments to these groups.

Elliptic identified several cryptocurrency wallets used by these volunteer groups and NGOs, which have collectively received funds totalling just over $570,000.

Crypto donations, a burgeoning trend

Donating cryptocurrencies for charity and many other purposes has continued to be a trend many seem to be adopting. In October 2020, the Feminist Coalition, an advocacy group in Nigeria, received over $165,000 via Bitcoin donations to support the fight against police brutality in the country.

The Giving Block, a crypto philanthropy organization, in its annual report recently released announced that it processed more than $69M in crypto donations last year an indication that more and more people buy into the crypto donation idea.

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