The Ukrainian government has raised $ 19 million in cryptocurrency donations so far

Ukrainian government has raised $ 19 million in cryptocurrency donations so far - fae1cb7969According to blockchain data firm Elliptic, the total amount raised so far is $ 18,9 million as of February 27.

Crypto assets have been the currency of choice for fundraising as they can be sent instantly and bypass any banking or cross-border obstacles that may be in place.

The company added that there was a single $ 3 million donation in Bitcoin (quotation BTC). He went on to report that several million dollars in crypto donations were also received by Come Back Alive, a Ukrainian NGO that supports the military.

There was also a single $ 1,86 million donation that appears to have originated from the sale of non-fungible tokens (NFTs) originally intended to raise funds for Julian Assange, he added.

The breakdown of donated digital assets is around 56% BTC, 32% ETH, and 11% stablecoins according to the latest Elliptic data.

Binance donates $ 10 million

The largest cryptocurrency exchange in the world has also pledged a hefty sum as a donation to Ukraine's humanitarian crisis. On February 27, Binance announced that it was donating $ 10 million to provide support on the ground through charity and partnership.

The company said the donation will be split between major intergovernmental organizations and nonprofits already operating in the country. These include UNICEF, UNHCR, the United Nations Refugee Agency, the International Strategic Action Network (iSans) and People in Need.

Binance added that it has also launched a crypto crowdfunding website, called the Ukraine Emergency Relief Fund. The platform allows people to make crypto donations that will help provide emergency relief to children and refugees. It will also help finance and support ground logistics such as food, fuel and supplies. At the time of writing, the platform has amassed $ 5,8 million from 214 donors. Binance itself has mostly committed to a donation of 16.000 Binance Coin (BNB).

The company added that it is also working with a number of local refugee groups who are "actively working to speed up the passage of Ukrainians across the border safely to two neighboring countries."

Binance founder and CEO Changpeng Zhao commented:

“Watching this conflict escalate over the past four days has shocked our community to the core. We are proud to have been able to quickly muster our network to provide relief and support in the field to those who need it. "

Cryptocurrency donations on the way

Binance isn't the only entity working to rally the cryptocurrency community to the cause. Late last week, founding member of anti-establishment Russian rock group Pussy Riot, Nadezhda Tolokonnikova, announced UkraineDAO.

DAO coins and auction NFT of the Ukrainian flag with the proceeds going to local NGOs. At the time of writing, the highest bid was 1.102,5 ETH worth approximately $ 2,87 million.