According to a Twitter post made by Ukraine’s Deputy Prime Minister, Mykhailo Fedorov, the government-run initiative, Aid for Ukraine, has so far raised $54 million worth of crypto in donations.
The country has used the funds to procure military equipment for aid in its efforts against Russian forces. Deputy Minister of Digital Transformation of Ukraine, Alex Bornyakov, stated that cryptocurrency has a substantial role in Ukraine’s defense.
Aid for Ukraine utilizes the crypto exchange FTX, which converts crypto into a fiat currency. The money is then transferred to the National Bank of Ukraine.
Ukraine has received most of the $54 million sum in Ether ($18.7 million), with Bitcoin ($13.9 million) and Tether ($10.4 million) following.