Ethereum Founder Donates Millions Of ETH To Ukraine
Vitalik Buterin, the mastermind behind the Ethereum cryptocurrency, has donated $5 million worth of the crypto to Ukraine in an attempt to help the country ward off the ongoing Russian invasion. Though this donation might not seem like a big deal in the context of cryptocurrency investing, it draws attention to the crypto space. As is often said, all publicity is good publicity.
750 ETH Donated To The War Effort
The invasion of Ukraine is now entering its second month. Buterin’s donation of 750 ETH, equating to $5 million in United States dollars, won’t single-handedly win the war for Ukraine yet it will certainly help combat the invasion. The donation of crypto is a practical and meaningful boost of financial support for a country on the brink of an imperialist takeover.
Buterin donated the 375 ETH to the war effort through the Unchain Fund. The Unchain Fund is a charity endeavor launched by blockchain backers in an attempt to help Ukraine win the war against Russia. The fund tweeted out details of how Buterin’s 750 ETH donation will be used in the context of humanitarian aid.
Buterin also donated the same amount of ETH to another aid fund established by the country’s Ministry of Digital Transformation. That fund is referred to as Aid for Ukraine. Details of this subsequent donation were confirmed on the fund’s Twitter page on Wednesday. Add up the respective donations and they amount to $5 million.
Perhaps what is most intriguing about Buterin’s donations is that he did not make them publicly known. The donations were unceremoniously revealed as a result of Buterin’s registration of the ENS domain of vitalik.eth. ENS is an acronym short for Ethereum Name Service. This service was used to transfer the crypto donations.
Crypto Remains In The Spotlight
All in all, crypto donations made to Ukraine have topped the 100 million mark. Though the daily total of Ethereum being mined is decreasing, the alternative currency always seems to remain in the news. Ukrainians desperately in need of financial support have received ETH and other crypto donations from generous individuals and businesses across the globe.
The vast majority of the crypto donations were made to the Ukrainian government and aid groups ranging from Aid For Ukraine to the aforementioned Unchain Fund, UkraineDAO and the Ukrainian non-governmental organization Come Back Alive.
How The Crypto Will Be Used
The Ukrainians who received Buterin’s donations and those from others will use the funds for a litany of purposes. Some of the money will be redirected to the Ukrainian military. Donated crypto will also be used for humanitarian purposes. The beauty of crypto is that it provides an infusions of financial support across borders in the form of a transfer that does not require any sort of oversight from traditional financial regulatory bodies or other institutions.
According to Finbold, donations of bitcoin poured into Ukraine immediately after Russia began amassing troops on the country’s border in early February. The crypto donations were made in response to please for assistance from Ukrainian digital security specialists and volunteers.
It is quite possible the invasion of Ukraine played a part in bitcoin rising nearly 40% in value merely one month after the war began. Though bitcoin has since dipped below $45,000, it is likely to stagnate or possibly move upward from here as crypto is considered to be somewhat of a safe haven during tumultuous times.