How Crypto Became a Major Source of Relief for Embattled Ukraine

“Crypto has become the main driver of humanitarian aid as well as part of the military aid for Ukraine,” said Illia Polosukhin, co-founde...

“Crypto has become the main driver of humanitarian aid as well as part of the military aid for Ukraine,” said Illia Polosukhin, co-founder of Near Protocol.

Polosukhin, who was born and raised in Kharkiv, Ukraine, has been at the forefront of crypto fundraising efforts to support Ukraine against the Russian offensive.

Right after the start of the Russian attack on Ukraine on February 24, Polosukhin and other Ukrainian crypto entrepreneurs created the Unchain Fund, which to date has raised nearly $7 million in crypto donations. It is just one of many crypto funds currently supporting the Ukrainian government, raising a total of over $100 million in just a few weeks.

As Polosukhin pointed out, the borderless nature and speed of cryptocurrencies has proven extremely valuable in this emergency.

“You can create a complete system, an NGO system in a few days. Instead of [the] months it would take to set up a new nonprofit, open bank accounts, get the whole legal structure, make sure people can wire money to it without a problem,” Polosukhin explained.

After reaching the Unchain fund, crypto donations are converted to local fiat through local cryptocurrency exchanges still active in the country.

Once the crypto is converted to fiat, Unchain Fund volunteers on the ground in Ukraine purchase the needed goods and distribute them to civilians stranded in the conflict zone or forced to flee their homes.

Earlier this month, Ukrainian President Volodimir Zelesnksy signed a law establishing a regulatory framework for cryptocurrency in the country. Polosukhin believes the crisis has highlighted the usefulness of crypto in an emergency situation and will lead to an increase in crypto adoption in Ukraine.

“I think crypto will become a huge driver for Ukraine’s future development,” he said.

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Newsrust - US Top News: How Crypto Became a Major Source of Relief for Embattled Ukraine
How Crypto Became a Major Source of Relief for Embattled Ukraine
Newsrust - US Top News
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