In modern times, cryptocurrencies are becoming increasingly popular as a vehicle for fundraising activities. Elliptic’s research shows that digital currency users can contribute to these types of organizations and receive payments from them more easily than ever before, with no disruptions or problems with cross-border payments, which also makes it easier than ever. Very attractive.
Ukraine Uses Crypto to Fight Back Against Russian Troops
According to a report on February 14, a blockchain analytics firm Elliptic has revealed that crowdfunding in Ukraine has grown by 900% since 2021, with the majority of donations coming from Ukraine rather than from other countries or organizations that have been experiencing what is known as a “crisis” like before. Ukrainians use cryptocurrencies to fight back against Russian troops stationed in the country.
These groups have seen a significant surge in crypto funding thanks to Bitcoin. As a result, despite the limitations of the traditional financial system, digital currencies are emerging as an alternative channel for donors.
Bitcoin enables people around the world to connect and create change far beyond what anyone donates — a power that can now be harnessed through cryptocurrency contributions.
Since the Ukrainian army had practically collapsed against the Russian invasion, many citizens took up arms and fought. They are called “volunteer groups”. They are financed by private donations.
Ukraine Fundraiser Receives Crypto Funding
Private donors have turned away from bank transfers and app payment systems in favour of bitcoin, as their payments could be declined. Some fundraisers have previously closed accounts due to restrictions imposed by financial institutions on certain funds raised through certain funds. This donation process is relatively new. Still, it’s becoming increasingly popular among those looking for other ways to donate.
Elliptic revealed that one of the groups they’ve uncovered so far, Come Back Alive – which recently received nearly $200,000 in funding from September to December last year – mostly backs the Ukrainian military.
Cybersecurity groups have been funded by cryptocurrencies for years. The Ukrainian CyberAlliance is one such organization. The group conducts cyber operations mainly against Russian hackers and propaganda suppliers. The organization receives help from global supporters through Bitcoin donations or Litecoin mining ventures. Last year they received nearly $100,000 in bitcoin and other cryptocurrencies to fund their operations against Russia.