“Cryptocurrencies became the biggest driver of humanitarian aid as well as part of 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 aimed at supporting Ukraine against Russia's offensive.
Immediately after Russia's attack on Ukraine began on February 24, Polosukhin and other Ukrainian crypto entrepreneurs created Unchain Fund, which has raised nearly $7 million in crypto donations to date. That is just one of several crypto funds currently backing 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 turned out to be extremely valuable in this emergency situation.
“You can create a complete system, an NGO system in days. Instead of [the] It would take months to create a new nonprofit, set up bank accounts, get all the legal structure, make sure people can transfer money seamlessly,” Polosukhin explained.
After reaching the Unchain Fund, crypto donations are converted into local fiat money through local crypto exchanges that are still active in the country.
Once the cryptocurrencies are converted into fiat, Unchain Fund volunteers in Ukraine purchase the necessary goods and distribute them to civilians who are trapped in the conflict zone or forced to flee their homes.
Earlier this month, Ukrainian President Volodimir Zelesnksy signed a law that established a regulatory framework for cryptocurrencies in the country. Polosukhin believes that the crisis showed the usefulness of cryptocurrencies in an emergency situation and will result in a boost in the adoption of cryptocurrencies in Ukraine.
“I believe that cryptocurrencies will become a great engine for the future development of Ukraine,” he said.
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