Ukraine allows donations in Dogecoin and other cryptocurrencies as financing reaches $35 million

As Russia's assault escalates, Ukraine has increased the number of cryptocurrencies it accepts for military donations.

Mykhailo Fedorov, Ukraine's vice prime minister, announced on Wednesday that anyone can send dogecoin as a donation. Dogecoin is a cryptocurrency that began as a joke and has been promoted by Tesla inventor Elon Musk.

It is frequently referred to as a "memecoin," after popular online jokes.

Fedorov tweeted, "Now even memes may support our troops and rescue lives against Russian invaders."

@dogecoin exceeded Russian ruble in value. We start to accept donations in meme coin. Now even meme can support our army and save lives from Russian invaders. $DOGE owners of the world, @elonmusk, @BillyM2k, let's do it. Official $DOGE wallet: DS76K9uJJzQjCFvAbpPGtFerp1qkJoeLwL

— Mykhailo Fedorov (@FedorovMykhailo) March 2, 2022

Fedorov tweeted about an initiative named Aid For Ukraine on Tuesday. It is a partnership between the Ukrainian government, Everstake, and Solana, a cryptocurrency blockchain platform.

People can now donate Solana cryptocurrency as well as other Solana-based digital tokens.

Non-fungible tokens, or NFTs, are also accepted as donations in Ukraine. These are one-of-a-kind assets, like as digital art, that are held utilizing blockchain technology to validate and trace each NFT.

Ukraine has started to accept dogecoin and a number of other cryptocurrencies as donations as Russia continues its invasion.
Ukraine has started to accept dogecoin and a number of other cryptocurrencies as donations as Russia continues its invasion.
Nurphoto | Getty Images
Meanwhile, Uniswap, a cryptocurrency exchange, has developed a feature that allows users to convert any Ethereum-based digital money into ether and transfer it to the Ukrainian government. Ethereum is a blockchain platform on which developers can build applications.

Fedorov further stated that Gavin Wood, the co-founder of the Polkadot blockchain network, gave $5 million in DOT cryptocurrency to Ukraine.

According to Elliptic, a blockchain analytics startup, the Ukrainian government has raised $35 million from more than 35,000 cryptoasset donations since the beginning of the Russian invasion.

Ukraine began accepting cryptocurrencies for donations on February 26th, starting with bitcoin, ether, and tether, a stablecoin. Stablecoins are digital currencies that are linked to physical assets such as fiat cash.

Ukraine is now increasing the number of cryptocurrencies it can accept for donations. It comes as military analysts predict that Russia's attacks will become more ferocious and destructive.

While bitcoin donations are helping Ukraine's resistance effort, the government has raised more money through war bonds, which have garnered approximately 8.14 billion Ukrainian hryvnia ($270 million).

An official Ukraine government account tweeted on Wednesday that a "airdrop" had been confirmed and will take place on Thursday. An airdrop occurs when a person or organisation distributes cryptocurrency for free. However, details were few, and it is unclear what digital currency will be distributed and to whom.

Cryptocurrencies have emerged as a key component of Russia's and Ukraine's conflict. There has been talk that Russians may utilize cryptocurrency to move their money out of the country in order to avoid sanctions, however experts say this is extremely difficult.

Fedorov demanded last week that major bitcoin exchanges block Russian consumers' accounts. Binance, the world's largest exchange, said it will restrict the addresses of any sanctioned users but not the accounts of all Russians.

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