In the ongoing Russia-Ukraine war crisis, cryptocurrency is playing a critical role. Ukraine raised millions of dollars in cryptocurrency donations such as Bitcoin (BTC), Ethereum (ETH), and Polkadot (DOT). DOGE, the world’s largest meme-coin, is the most recent addition to the list of coins in which Ukraine would accept donations.
Ukrainian Vice-Prime Minister Mykhailo Fedorov said that DOGE coin donations are now being accepted. He also stated that the value of Dogecoin has now surpassed that of the Russian currency. While he also anticipates that meme-coins will assist them in this situation.
The fact that the Ukrainian Vice-Prime Minister has tagged DOGE father Elon Musk suggests that they may want him to step in. Meanwhile, Elon maintained his word and dispatched the Starlink terminals to the war-torn country once the country requested it.
Donations in cryptocurrency for military efforts
Ukraine has received the first-ever crypto gift for war operations, totaling $35 million. Donations in cryptocurrency are on the rise, with the country raising more than $10 million in a single day. Previously, the Ukrainian government stated that it intends to broaden the list of recognized coins as a donation in order to reinforce its defense against Russia.
It has been alleged that organizations other than the Ukrainian government, such as ‘Come Back Alive,’ are also accepting cryptocurrency donations. Meanwhile, UkraineDAO was established last week in order to gather donations for the war effort.
A cryptocurrency exchange, Uniswap, developed a mechanism that converts any Ethereum-based digital money into ETH and transfers it directly to the Ukrainian government.
Ukrainian Vice-Prime Minister Fedorov thanked Gavin Wood, co-founder of Polkadot, for the $5 million gifts.
During Russia’s invasion of Ukraine, the bitcoin ecosystem has emerged as a crucial actor. A few weeks ago, there were heated debates taking place all around the world over the acceptance of cryptocurrencies. People are now contributing cryptocurrency to help a nation survive.