Ukraine Has Collected Millions in Crypto Donations. Here’s How It’s Being Spent

Deputy Minister of Ukraine’s Ministry of Digital Transformation, Alex Bornyakov, today revealed how crypto donations sent to Ukraine have been spent on the country’s armed forces. 

“Crypto assets proved extremely helpful in facilitation of funding flows to the Armed Forces of Ukraine. Huge thanks to everyone who donated to the Crypto Fund of Ukraine,” Bornyakov tweeted. 

He added that “each and every helmet and vest bought via crypto donations is currently saving Ukrainian soldiers’ lives.”

Ukraine’s crypto war effort 

According to Bornyakov’s tweet, cryptocurrencies donated to Ukraine have been “transferred to the needs of [the] Ukrainian Army.” 

Using these funds, the Ukrainian Army has been provided with 5,500 bulletproof vests, 500 ballistic plates for bulletproof vests, 500 helmets, 3,125 thermal imagers and optics, 60 walkie-talkies, as well as 3,2427 “medicines” and over 400,000 packed lunches, Bornyakov said. 

Bornyakov’s tweet indicated that these supplies had been procured using funds donated to the Ministry of Digital Transformation since March 1. The Ministry began fundraising through cryptocurrencies as early as February 26. 

During a Collective[i] Forecast Zoom call earlier this week, Bornyakov made clear that “crypto is helping” Ukraine amid Russia’s invasion. 

“In a situation like this, where the national bank is not really operating, crypto is helping to perform fast transfers, to make it very quick and get results almost immediately,” Bornyakov said during the call.

The Deputy Minister qualified his claim, adding that Ukraine’s crypto donations were not playing a “major part” in the nation’s wider economy but that they remained “essential in this conflict.” 

According to blockchain analytics platform Elliptic, Ukraine has received over $60 million worth of cryptocurrency donations. 

However, Bornyakov said yesterday that he believed the total amount of cryptocurrency donated was “close to $100 million.”