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Ukraine government pays critical supplies with crypto

Tuesday 1 March 2022 13:06 CET | News

Kyiv-based cryptocurrency exchange Kuna has set up government digital wallets to receive donations to support the ongoing conflict fuelled by Russia. 

So far, the government’s digital wallets sent USD 6.5 million worth of ETH to Kuna, received through donations. The money was spent to purchase critical supplies, including food, military equipment, and gas to Ukrainian civilians who are evacuating. 

News website focused on digital currencies, CoinDesk, has tracked an inflow of over USD 16 million worth of crypto into three digital wallets associated with Ukraine’s defense against Russia. One wallet, set up by a local NGO, has already raised over USD 7 million in Bitcoin, while two other accounts set up by Kuna on behalf of the local government raised USD 8 million in Bitcoin and Ethereum. 

Local vendors also increased their crypto acceptance rate in exchange for supplies, as cryptocurrencies and stablecoins are more efficient than traditional payment methods, given the circumstances. 

Source: Link


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Keywords: Russia Ukraine War, cryptocurrency, cryptocurrency exchange, digital wallet, e-wallet, crypto, stablecoin, online platform, Bitcoin, Ethereum
Categories: DeFi & Crypto & Web3
Companies: Kuna
Countries: Ukraine
This article is part of category

DeFi & Crypto & Web3

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Kuna

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