Why Russia-Ukraine conflict may turn crypto donations into a 'game changer'

[jim bell]

https://finance.yahoo.com/news/why-some-say-russia-ukraine-conflict-turns-crypto-transactions-into-game-changer-191231355.html

Crypto proponents have also sent vast amounts of the assets in support of Ukraine’s struggle to remain independent from Russia.



Amidst the fog of war in Eastern Europe, investors have bid up cryptocurrencies in spite of the risk-aversion that’s dictated the market’s tone since the start of the year – and practically joined stocks and digital tokens at the hip for months.

Meanwhile, crypto is seen playing a small role in preserving the wealth of Russians as the Ruble plunges under the weight of sanctions. Crypto proponents have also sent vast amounts of the assets in support of Ukraine’s struggle to remain independent.

The Ukrainian government – which announced an airdrop reward to crypto donors on Wednesday – and supporting non-governmental organizations (NGOs) have received 38 million in crypto assets since the Russian invasion began last week according to data tracked by blockchain analysis firm, Elliptic.

The donations include $5.8 million donated from Gavin Wood, the creator of cryptocurrency Polkadot as well as a CryptoPunk NFT worth more than $200,000, in addition to thousands of donations in Bitcoin (BTC-USD), ether (ETH-USD), Polkadot (DOT-USD) and other digital tokens.

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