HOW UKRAINIANS ARE FUNDRAISING IN CRYPTOCURRENCY
More than $9.9 million in cryptocurrency has been donated to Ukrainian groups since Russia attacked the country on February 24th, according to research firm Elliptic. Decentralized autonomous organizations (DAOs) have formed to support Ukrainians. NFTs have been sold to raise money for the Ukrainian people and military. The country’s official Twitter account has said it accepts Bitcoin, Ether, and Tether.
Donations like these are ordinarily made the old-fashioned way: through banks. In tech-savvy Ukraine, crypto has emerged as a quick and easy way to handle this money. It’s not just money flowing into the country, either — stablecoin Tether is supposed to be pegged to the US dollar. But demand in Ukraine is so high that it’s broken its peg, and is trading above the dollar — at $1.10, as of this writing.
