Ukraine’s authorities raises crypto price $8 million in crowdfunding attraction By Reuters

© Reuters. FILE PHOTO: A bitcoin is seen in an illustration image taken at La Maison du Bitcoin in Paris, France, June 23, 2017. REUTERS/Benoit Tessier

By Tom Wilson

LONDON (Reuters) – Ukraine’s authorities has raised nearly $8 million in cryptocurrencies after posting appeals on social media for donations of bitcoin and different digital tokens, in line with blockchain evaluation firm Elliptic.

Ukraine’s official Twitter (NYSE:) account made the attraction for cryptocurrency donations on Saturday following the nation’s invasion by Russia, posting digital wallets addresses for tokens together with bitcoin and ether.

Ukraine’s Vice-Prime Minister Mykhailo Fedorov Tweeted the pockets addresses. “Stand with the individuals of Ukraine. Now accepting cryptocurrency donations,” wrote Fedorov, who can be minister of digital transformation.

The donations got here as Russian navy autos pushed into Ukraine’s second-largest metropolis Kharkiv on Sunday and explosions rocked oil and fuel installations on a fourth day of combating within the largest assault on a European state since World Warfare Two.

By 1030 GMT Sunday, the pockets addresses had acquired crypto price $7.9 million throughout nearly 11,500 donations, London-based Elliptic mentioned. The corporate tracks the motion of digital cash on the blockchain, a public ledger that data crypto transactions.

Ukraine’s ministry of digital transformation didn’t instantly reply to requests for remark.

Its crypto crowdfunding attraction is unprecedented. Although some states equivalent to El Salvador have embraced cryptocurrencies, Ukraine’s attraction for direct donations is among the many first of its variety. It was not clear what Kyiv would use the funds for.

Crypto donations to Ukrainian volunteer and hacking teams have additionally spiked since Russia launched its invasion on Thursday, Elliptic mentioned this week.

The donations to such teams, a few of which have provided tools to authorities forces, grew strongly in January as Russia massed troops close to Ukraine’s border forward of its invasion.

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