The Crypto Industry Is Here To Stay, Says Ukraine’s Minister

Amid lingering sentiments in the cryptocurrency market, a Ukrainian minister said on Tuesday that digital assets have played an important role in the country’s defense against Russian aggression, saving the lives of the country’s soldiers and making cryptocurrencies long-lasting. Is. run.

Ukraine Raises Over $125 Million Through Crypto Donations

According to reports, since the armed invasion by Russia, Ukraine has raised over $125 million through donations in cryptocurrencies spent on military aid and humanitarian aid. In addition, approximately $1.25 million was raised through the sale of NFTs.

Despite the “bear market” crypto has become an essential tool of Ukraine’s defense, providing the flexibility and speed that literally saved the lives of our soldiers. Every crypto winter is a crypto spring, but the industry is here to stay,” said Alex Bornyakov, Ukraine’s deputy minister for digital transformation.

Ever since Russia invaded Ukraine on 24 February, there has been a flood of support from various avenues and personalities around the world.

Ukraine appeals for global help

In addition to humanitarian aid from various organizations, Ukrainian authorities are appealing to the global crypto community to support their fight by donating crypto assets, while artists have resorted to issuing NFTs around Ukraine and channeling proceeds to the cause. Is.

Crypto donations to Ukraine plummeted over the past two years, following a massive sell-off of crypto from an all-time high seen in November last year, prompting Bornyakov to appeal for new help last month.

“Although Ukraine raised over $135 million in crypto in response to the Russian invasion, the first wave of crypto donations has been short. We still need your help. Please support our defenders via @_AidForUkraine,” The minister tweeted last month.

A large portion of these funds have already been used to provide vital essentials such as food for civilians and protective gear for the country’s soldiers, with President Volodymyr Zelensky reiterating his belief that digital assets are vital to countries like Ukraine. An economic breakthrough can bring, given the dangers Russia faces. its banking system.