Ukraine buys drones & weapons using Crypto funds

Ukraine’s government bought weapons, Drones (UAVs), and digital rifle scopes, besides non-lethal tools with some of the $60 million in crypto funds donated after Russia invaded the European nation earlier this year. An official minister revealed a new breakdown of expenditures.

Ukraine Crypto Donations

Sharing the information Mykhailo Fedorov, Ukraine’s minister for Digital Transformation, tweeted the breakdown on Wednesday.

The information reveals governments using some of the $54 million worth of funds raised through crypto to purchase lethal weapons and launch an English news platform. The rest of the $6 million is yet to be spent.

Also read, Ukraine’s Boxer Usyk looks to raise funds with an NFT Collection

Ukraine’s expenditure on Weapons

Crypto Fund Details from Ministry

Maximum expense: UAVs

Ukraine purchased 213 UAVs, expending $11,887,936. This made drones the largest spending category.

The next four categories contain about $7 million spent on 8,460 armored vests, $5.7 million spent on five computer hardware & software packages, $5 million spent on a worldwide anti-war media campaign, and other $5 million paid on an undisclosed quantity of weapons requested by the Ministry of Defense.

Other Bulk purchases

Field rations account for the most heightened category in terms of quantity. The country acknowledged a total of 416,900 field rations via crypto donations.

Bornyakov has also once said that the crypto fund is being used to buy non-lethal equipment for military purposes such as bulletproof vests, night vision goggles, military-grade food rations, and medical equipment that assists with hemostasis such as tourniquets.

The other significant expenses in terms of quantity were medical. A total of 105,831 medicines and 31,065 military medical kits have been purchased. Further, Ukraine has also bought nearly 80,000 items of military clothing and accessories around 79,369. This does not comprise 8,460 armor vests or 5,061 digital rifle scopes.

Similar : Ukraine’s Meta History Museum raises over $100,000

Founder of Ukrainian-based crypto exchange KUNA Mike Chobanian added that the donations from the crypto community have shown the influence that emerging technology like blockchain can have on nation-states, stating that it can operate as a backbone of global security in times of necessity.

Aid For Ukraine works by transferring crypto into the crypto exchange FTX, which transforms crypto into fiat, and is then withdrawn and transferred to the National Bank of Ukraine.

Hungry for more information?

NFT Calendar from NFTHi

Check out the Latest NFT News!

For more interesting updates on NFTs, connect with NFTHI on Twitter and Instagram.

Join us on Telegram!

NFTHI does not recommend any kind of Investment in NFTs or NFT trading. All the strategies are merely educational references.

Conduct thorough research before you start with NFTs

Share This Post

Related Posts

Starbucks and Polygon team up for Web3

The coffee chain Starbucks has teamed up with the Polygon...

PGA to release new Golf Archive NFT Platform with Autograph

The PGA, golf’s premier professional tour, has teamed up...

Opera Crypto Browser teams up with Defi Platform Coin98

Opera Crypto Browser, a Web3-based project focused on navigating...

Sen. Lummis Hinted at a Future Crypto Law, Saying that NFTs Would Not Be Include

Senator Lummis emphasized the necessity of definitions and filtering...

How Do You Invest in Metaverse Stock? What Is It? How to Invest in the Stock Market 

As the digital, online world grows in prominence, so...

Binance shows intent to acquire FTX then pulls out from the deal read why…

On Tuesday, Binance signed a letter of intent to...