Binance Commits $10 Million to Ukraine, Overall Crypto Donations Near $20M

Because it has a number of distinct advantages over banks and other forms of transferring money, which is sluggish, complex, and often limited and controlled, crypto has evolved as the technology of choice for campaigning and gifts.

In a flurry of social media calls over the weekend, the Ukrainian government urged the crypto sector to pledge assistance. On Saturday, Vice Prime Minister and Minister of Digital Transformation Mykhailo Fedorov shared three cryptocurrency contribution addresses.

On Sunday, the Vice Prime Minister and Minister of Digital Transformation pleaded to crypto exchanges that they should block all the Russian users from their exchanges. 

Mykhailo Fedorov asked all the leading cryptocurrency exchanges to block the addresses allotted to the Russian customers. He believed that it was essential that the Russian and Belarusian addresses were frozen and sealed but locals must be sabotaged as well.  

The Crypto community answers the call and lends a helping hand

Since the Russian conflict started last week, the crypto community has responded by donating nearly $19 million in digital assets.

On February 27, Reuters identified a total of $8 million, but Elliptic, a blockchain analytics business, has revised its data as of February 27, 23:50 UTC. The Ukrainian government has already received a large number of $18.9 million, the bulk of which arrived in the last two days as a result of Mr. Fedorov's request.

Over the last 24 hours, the money that was received in the form of donations has steadily increased.

"The majority of funds collected to date have all been in Bitcoin and Ether, however, US Dollar stablecoins provide a considerable share," Elliptic revealed when breaking down the donations by crypto-asset.

More than half of the money was given in Bitcoin (56.4%), 31.8 percent in Ethereum, 10.9 percent in stablecoins, and far less than one percent in other altcoins. The Polkadot inventor was willing to give, according to the Chinese crypto portal Wu Blockchain, if a DOT address was supplied.

Gavin Wood, the creator of Polkadot, claimed he would contribute $5 million if the Ukrainian government gave him the company's address. Furthermore, Tom Robinson reported that the Ukrainian government acquired the greatest donation of $1.86 million in Bitcoin from an anonymous investor.

Crypto payments to Ukrainian volunteer and hacker groups have increased since Russia initiated its war on Thursday, according to the business.

Binance donated $10 Million

Binance, the world's largest cryptocurrency exchange, has contributed $10 million to the cause and helped out the needy ones in Ukraine. On the 27th day of February, the company announced the project, claiming that:

"The funding will be distributed among key intergovernmental and nonprofit groups that are on the field, including UNICEF, UNHCR, the UN Refugee Agency, iSans, and People in Need, to assist dislocated kids and families in Ukraine and neighboring countries."

The Ukraine Emergency Relief Fund has established a crypto contribution web platform. It had garnered 156 BTC worth roughly $5.8 million from 214 donors until now. Binance announced a donation of slightly over 16,000 BNB coins to the cause.