Cryptocurrencies

Dogecoin, other cryptocurrencies accepted for donations

Dogecoin, other cryptocurrencies accepted for donations

Ukraine has increased the number of cryptocurrencies it accepts for donations to its military as the Russian invasion continues.

On Wednesday, Mykhailo Fedorov, Ukrainian Deputy Prime Minister, said people can send dogecoins as a donation. Dogecoin is a cryptocurrency that started out as a joke and was hinted at by Tesla founder Elon Musk.

It is often dubbed a “memecoin”, referring to popular internet jokes.

“Now even memes can support our army and save lives from Russian invaders,” Fedorov tweeted.

On Tuesday, Fedorov tweeted about a project called Aid For Ukraine. It is a collaboration between the Ukrainian government, Everstake, and a cryptocurrency blockchain platform called Solana.

People can now donate solana cryptocurrency as well as any other Solana-based digital tokens.

Ukraine also accepts non-fungible tokens or NFTs as donations. These are unique assets such as a digital work of art stored using blockchain technology to verify and track each NFT.

Ukraine has started accepting dogecoin and a number of other cryptocurrencies as donations as Russia continues its invasion.

Nurphoto | Getty Images

Meanwhile, cryptocurrency exchange Uniswap has created a feature that allows people to convert any Ethereum-based digital currency into ether and send it to the Ukrainian government. Ethereum is a blockchain platform on which developers can build applications.

Fedorov also said that Gavin Wood, the co-founder of a blockchain platform called Polkadot, sent $5 million worth of DOT cryptocurrency to Ukraine.

The Ukrainian government has raised $35 million, thanks to more than 35,000 crypto-asset donations since the start of the Russian invasion, according to Elliptic, a blockchain analytics firm.

On February 26, Ukraine started accepting cryptocurrencies for donations and started with bitcoin, ether, and a stablecoin called tether. Stablecoins are digital currencies linked to real-world assets such as fiat currency.

Now Ukraine is increasing the number of cryptocurrencies it will accept for donations. It comes as military experts expect Russia’s attacks to increase in ferocity and destructiveness.

As cryptocurrency donations add money to Ukraine’s resistance effort, the country has raised more via war bonds, which have brought in an estimated 8.14 billion Ukrainian hryvnia ($270 million). dollars).

On Wednesday, an official Ukrainian government account tweeted that an “airdrop” was confirmed and would take place on Thursday. An airdrop typically occurs when an individual or entity gives away cryptocurrency for free. But details were scarce and it is unclear what digital currency would be given and to whom.

Cryptocurrencies have become an important feature of the war between Russia and Ukraine. There has been speculation that Russians could use cryptocurrencies to get their money out of the country to evade sanctions, although experts said it could be extremely difficult.

Last week, Fedorov called on major cryptocurrency exchanges to block Russian user accounts. Binance, the world’s largest exchange, said it would block the addresses of all users who had been sanctioned, but not the accounts of all Russians.