In the wake of the attack on Ukraine’s democracy by the Russian Federation, beginning on 24 February 2022, there has been a surge in online donations being sent to Ukrainian fundraising programmes from around the world. The amount of donations in crypto is notable, most likely the biggest crypto donations drive so far in history, and the tech-savviness of the Ukrainian government and their supporting teams has allowed for official crypto donation portals for the various currencies to be created almost immediately, according to Crystal.
Crystal’s analysts are monitoring the cryptocurrency donation programmes that have been launched in support of Ukraine – both by the government and other entities – noting that over USD 125+ million in crypto donations have been collected so far as of 12 May 2022.
Compared with traditional finance (tradfi) donations, for example, UAH 6 billion+ so far had been transferred to a special account of Ukraine’s armed forces by 2 March 2022, Crystal observed that tradfi fundraising still exceeds crypto fundraising.
Image source: Crystal Blockchain
According to Crystal’s 12 May 2022 data, a slight majority of the crypto donations made so far (52%) have been targeted to support the Ukrainian army, with a slightly lesser amount of donations (48%) having been made to humanitarian programmes supporting the cause.
Within the crypto donation programmes Crystal looked at, analysts were able to analyse the donations by currency, and, as of 12 May 2022, more than half of the donations made so far have been in ETH (Ether), with another large portion having been donated in BTC (Bitcoin), USDT (Tether), and BUSD (Binance USD).
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