Ukraine is ranked third on Chainalysis’s 2022 Global Cryptocurrencies Index, climbing up a spot from the previous year. Plagued by Russia’s invasion of their territory earlier in 2022, the Ukrainian government has grasped at any form of donations or help they could get. Amidst the chaos, cryptocurrency unveils itself as the unlikely hero for the Ukrainians war effort against Russia. As one of the first countries in the world to fully pass a legal framework for cryptocurrency, Ukraine’s digital transformation minister Mykhailo Fedorov and Deputy Minister of Digital Transformation on IT Industry Development, Alex Bornyakov was able to fast track the mobilisation of cryptocurrencies. The Ukrainian government was quick to realise that cryptocurrencies donation was the easiest and fastest way to handle the flood of international donations that were coming their way, with almost $55 million worth of donations in a week back in March. As of August 2022, more than $100 million in cryptocurrencies has been donated to help fund the war effort in Ukraine.

Moreover, Binance, the world largest cryptocurrency exchange, has started a “Ukraine Emergency Relief Fund”, a cryptocurrencies-first crowdfunding site to support cryptocurrencies donations readily. This is on top of the $10 million donation they contributed to the Ukrainian government.