Ukraine purchases military supplies with $15Mn donated crypto

Ukraine purchases military supplies with $15Mn donated crypto

Ukraine has reportedly spent donations of $15 million received in cryptocurrencies on supplies of the military gear, including bulletproof vests delivered recently, said Alex Bornyakov, Deputy Minister of Digital Transformation of Ukraine.

The Ukrainian government expects to double the $50 million of crypto donated until now in the coming two to three days, Bornyakov recently said in an interview from a secret location inside Ukraine.

Most donations have been made in Ether and Bitcoin. Other than that, the ministry has also received donations in Polkadot, Tether and Solana.

The ministry encompassing 250 people was able to find suppliers from the US and Europe for everything from vests to bandages to food packages and night-vision devices for the army within two days as Russia invaded Ukraine, said Bornyakov.

Around 40% of the suppliers are ready to take crypto as payment, while the rest are paid via converting cryptos in dollars and euros.

Although many crypto startup founders and firms have donated money, most donations come from people, said Bornyakov, while noting that air-raid alarms sporadically required them to run into a bomb shelter.

The country has also received several NFTs, which include a valuable CryptoPunk. The ministry was working towards developing Ukraine’s IT sector, providing high-speed internet access in the country and moving all the government services online.

The ministry has now refocused on helping the country's digital infrastructure as it’s being attacked, ensuring that the government’s work is not disturbed, said Bornyakov. Collecting and leveraging cryptocurrency donations is a part of this effort as well.

Moreover, the ministry is currently working with two companies to raise additional funds. The two companies, which are building an NFT collection that could be ready in less than two weeks and would support raising funds for the Ukrainian was an effort, said Bornyakov.

Source Credit - https://www.deccanherald.com/international/world-news-politics/ukraine-buys-military-gear-with-donated-cryptocurrencies-1088496.html