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The majority of companies supplying arms to Ukraine in its defense efforts against Russia are reported to be accepting crypto assets as payment.
According to a new report by Yahoo Finance UK, Alex Bornyakov, Ukraine’s undersecretary for digital, said that around 60% of combat suppliers who have done business with the country have been able to accept digital assets.
Bornyakov said that even some Russian citizens are donating crypto assets to Ukraine, and digital assets are preferred as they are much more expedient compared to traditional currencies.
“If we used the traditional financial system it would take days, we were able to secure purchases of essential goods in a short period of time through crypto, and the amazing thing is that about 60% of suppliers can accept crypto, I did not expect this.”
About 33% of donations came through the Crypto Fund Air For Ukraine program, which Bornyakov called an “absolute success,” according to the report.
“[The fund was] absolute success, not only from the point of view of how much money has been raised, but also from the procedure, efficiency and speed of accessing funds via crypto.”
The war between Ukraine and its eastern neighbor broke out last February after Russia invaded Ukraine over a decades-long territorial dispute.
Ukraine immediately started asking for crypto donations via its government Twitter account, requesting Bitcoin (BTC), Ethereum (ETH), and stablecoin Tether (USDT).
Other assets accepted so far by Ukraine include Cardano (ADA), Solana (SOL), and Polkadot (DOT).
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Featured Image: Shutterstock/zeber/Nikelser Kate
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