The 24th day of February will forever be engraved in the heart of the world, and most especially, the heart of Ukrainians. It marked the first day of assault by Putin and the Russia military on Ukrainian soil. Wars have consequences, and this was no exception.
The economic and financial impact the war had on Ukraine might not be fully explained outside its shores. Truth be told, Ukraine as a country is in need of so much help that it is surprising the rest of Europe is quiet and pushing propagandas that is doing little to hurt the Russian economy. While they have not been effective, cryptocurrencies Have played a defining role in rescuing the remains of the Ukraine financial system that has been sabotaged by the Russian insurgents.
Peace is needed in the eastern part of Europe, and it would be unfair to not consider what took the attention from one of the pressing issues of the prior month; When will eth2 be tradable?
How did crypto come through?
In an effort to help Ukraine and its citizens, the world turned to cryptocurrency donations. Several decentralized autonomous organizations, diverse crypto exchanges, and even NFT projects have come together to send relief funds to Ukraine in diverse cryptocurrencies.
The timing of the donation is commendable, as the Ukrainian government posted several crypto addresses on their twitter handle, asking for donations. Although there was initial skepticism due to the threat of malicious actors leveraging this opportunity to rob people of their money, the donations started flocking in after the country’s prime minister spoke up on the authenticity of the donations and pleaded for the world to stand with Ukraine in any way they could.
The rate at which cryptocurrencies like bitcoin, ethereum, and other altcoins started flowing into those wallets were unprecedented and Ukraine exceeded its transaction count in a matter of days. Some NFT sales went out to help the country, as value was traded for cryptos.
Talking about the figures, records from the wallet showed that over $100 million worth of crypto has been deposited into those wallets last checked in the third week of march, and although the country is not in line to meet their annual target of $8 billion worth of crypto transactions, this shows how quick and reliant crypto can be for cross-border transactions.
If this is not proof that the cryptocurrency technology is what we need in our modern finance, then I wonder what is. The method of moving fiat currency has been plagued by the need for authorization by many stakeholders, different regulatory lapses by governments, and huge cost of transaction.the ability to move funds quickly, and affordably will change the way we see money and economics. Truth is, with its role in Ukraine, cryptocurrencies and the crypto space has shown it supports tranquility, ease, and the need for balance.
Crypto’s ability to remove bureaucratic red tape may be just what the Ukrainian people need. With millions of dollars worth sent from crypto enthusiasts, it is clear that they support President Volodymyr Zelenskyy and his mission for their country’s economic growth – which would mean less poverty overall!
Role of NFT in this war
Web3 is the future of our society, and these innovative players are shaping it. From donating crypto to a government organization in Ukraine or providing developers with NFTs for their new ideas-we’ve seen what they stand for when it comes down them giving back!
One of the most popular NFT projects in the world; the Bored Ape Yacht Club has done more than most governments toward the Ukraine cause. Donating over hundred ethereum tokens in Non-fungible tokens to Ukraine. The value of these tokens were almost a million, and it was done to match the donations from the community.
In a time where many people are removing their money from cryptocurrencies out of fear for what might happen, there have been some who see an opportunity and take advantage. One country that seems to be very pleased with this trend, albeit by circumstance, is Ukraine; they’ve seen $200k worth of NFT from CryptoPunk #5364 transferred into its Ethereum wallet after it became clear Russia would invade–a move which eventually led them towards raising over 6 million dollars through selling NFTs (non-fungible tokens) designed specifically as aids against war damage/losses.
WIll future continue to help broker peace?
Europe has seen an influx of philanthropists and aid organizations during their time of need. The old ways that they used to raise money were slow, expensive and susceptible to too much fraud or corruption; all while failing at actually helping those in need. Blockchain allows us scale our efforts efficiently- something which simply wasn’t possible before its usage
Crypto has given the world a way to support causes they care about without worrying about borders or donation limitations. With Bitcoin, donors can contribute money knowing that it will go towards their desired projects and nobody else’s cause; all you need is the crypto wallet address.
Crypto has been a huge success for Ukraine, who can now safely store their crypto without worrying about an invading force stealing it or the financial system collapsing due to war. With Bitcoin and other cryptocurrencies being so cheap compared with traditional methods of money transfer across borders in any country around the world – this was something they had needed for quite some time!
The people have spoken: Crypto is here tenderly taking care of our needs as soon becomes evident; let’s see what happens next, while we continue on trading platforms like Redot.com and Binance.
