• Binance donates $10 million to Ukraine, bringing total cryptocurrency donations to nearly $20 million

  • The cryptocurrency community is banding together like never before to show its support for Ukraine through digital asset donations.

    Cryptocurrency has evolved as the preferred way for fundraising and donations because it has several advantages over banks and other methods of money transfer, which are slow, expensive, and frequently limited and controlled.

    In a series of social media calls over the weekend, the Ukrainian government urged the cryptocurrency community to lend its support. On Saturday, Vice Prime Minister and Minister of Digital Transformation Mykhailo Fedorov released three cryptocurrency contribution addresses.

    On Sunday, he asked cryptocurrency exchanges to restrict Russian users.

    “I’m requesting that all major cryptocurrency exchanges restrict Russian users’ addresses.” It is critical to block not only addresses associated with Russian and Belarussian politicians, but also addresses associated with ordinary users.”

    The Crypto Community Responds

    Since the Russian invasion began last week, the crypto community has responded by donating nearly $19 million in digital assets.

    On February 27, Elliptic, a blockchain analytics firm, reported a total of $8 million. However, as of February 27, 23:50 UTC, Elliptic’s figures had been updated. The Ukrainian government has currently collected $18.9 million, the majority of which has come in the last two days as a result of Mr. Fedorov’s request.

    Over the last 24 hours, the amount received has nearly doubled.

    According to Elliptic, “the majority of donations received to date have been in Bitcoin and Ether, although US Dollar stablecoins contribute a significant proportion.”

    More than half, or 56.4 percent, of the donations have been made in Bitcoin, 31.8 percent in Ethereum, 10.9 percent in stablecoins, and less than one percent in other altcoins. According to the Chinese crypto portal Wu Blockchain, the Polkadot founder was willing to give… if a DOT address was supplied.

    Crypto payments to Ukrainian volunteer and hacking groups have also increased since Russia launched its invasion on Thursday, according to the business.

    Binance Makes a $10 Million Donation

    Binance, the world’s largest cryptocurrency exchange, has contributed $10 million to the cause. On February 27, the firm announced the project, claiming that:

    “The money will be divided among key intergovernmental agencies and nonprofit groups already on the ground, such as UNICEF, UNHCR, the UN Refugee Agency, iSans, and People in Need, to assist displaced children and families in Ukraine and neighboring countries.”

    It has established the Ukraine Emergency Relief Fund, a cryptocurrency donation online platform. At the time of writing, it had received 156 BTC from 214 donors, totaling around $5.8 million. Binance said that it had pledged around 16,000 BNB coins to the cause.

    “The money will be divided among key intergovernmental agencies and nonprofit groups already on the ground, such as UNICEF, UNHCR, the UN Refugee Agency, iSans, and People in Need, to assist displaced children and families in Ukraine and neighboring countries.”

    It has established the Ukraine Emergency Relief Fund, a cryptocurrency donation online platform. At the time of writing, it had received 156 BTC from 214 donors, totaling around $5.8 million. Binance said that it had pledged around 16,000 BNB coins to the cause.

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