Nearly $50 million in crypto donations to Ukraine’s official wallet will get airdropped by the Ukrainian government. This will be a huge amount considering the funds are in cryptocurrency.
About the Airdrop
An airdrop is a promotional event that involves providing free tokens to members of a certain blockchain project. This can significantly increase engagement and traffic for that certain platform. The NFT community also seems to been taking a keen interest in airdrops for the past year.
$SOS, a free ethereum-based token, was received by the open sea NFT marketplace members. Since the beginning of the donations in Bitcoin, ethereum, and tether, it was unclear which assets would be subject to distribution.
The acceptance of cryptocurrency donations by the Ukrainian government is there, but the clarity on the asset distribution is still limited.
$50 million in donations
Donations for Ukraine in crypto have officially crossed the $50 million mark. In a very small time frame of not more than a few days. After experiencing an increase in cash shortages and trade being promoted on Bitcoin, the country chooses crypto transitions over cash.
Ukraine puts forward a tactic
Ukraine asks most exchange giants to ban Russians entirely, thus pressurizing Russia into retreating. Mykhailo Fedorov, the country’s vice prime minister, has set a bounty on the addresses of major Russian and Belarussian political leaders. In addition, the government has recently communicated and asked various exchanges to ban Russia from their platforms for crypto transactions.
The community condemned both of these tactics. The community criticizes both tactics since Ukraine is a major mover in crypto adoption; there were laws even before the invasion.
Nonetheless, crypto sees a boom in the Ukrainian market, the laws of which recognized the space even preceding the Russian invasion.