Polkadot’s Founder Donates Ukraine $5.7 Million; Total Crypto Donations Surpass $22 Million

The Ukrainian government has continued to receive crypto donations. Gavin Wood, the founder of Polkadot (DOT), has just sent $5.7 million to the country’s wallet, fulfilling a promise he made earlier.

Ukraine plans to add more blockchains for donors

Wood, who is also a co-founder of Ethereum, shared the Polkadot explorer link to the transaction via Twitter.

— Gavin Wood (@gavofyork) March 1, 2022

Wood previously promised to make a $5 million donation to Ukraine if they provided a DOT wallet to join their BTC, ETH, and USDT wallet addresses.

If you post a DOT address I’ll personally contribute $5m.

— Gavin Wood (@gavofyork) February 27, 2022

Other donors have also chipped into the DOT wallet following Wood. The wallet currently holds DOT tokens worth around $5.8 million from over 200 transactions. Other well-known donors in the crypto space include TRON’s Justin Sun, as well as crypto exchange Binance which raised $10 million to support Ukrainians.

Ukraine’s Bitcoin wallet has so far received over 187 BTC. Over $7.47 million has been donated in ETH and ERC-20 USDT as well. The country’s government has revealed that it will release wallet addresses for more cryptocurrencies soon.

Other initiatives to support Ukrainians including Come Back Alive, a Kyiv-based NGO, have also been accepting crypto donations.

Russia is set to receive crypto sanctions

On the other side of the conflict, the world has turned on Russia with strict sanctions. So far sanctions have been imposed by world governments on Russia’s central bank and domestic banks. Most shocking is Switzerland, which has a policy of neutrality, moves to join other countries in imposing the sanctions.

To completely lock out Russia from world trade, the European Central Bank (ECB) and the US are also moving to ban Russia from being able to use crypto. President of the ECB, Christine Lagarde, has called for the regulators to speed up crypto oversight in the region.

Similarly, the Wall Street Journal (WSJ) reports that crypto could be the target for further sanctions for Russia.

Olivia’s interests spans across the Cryptocurrency and NFT and DeFi industry. She remains as fascinated by cryptocurrencies today, as she was back in 2017, when she first started reading up about them. She’s actively on the lookout for the latest Crypto related stories. When she’s not writing, she’s catering to her pet chihuahua, or curating vegan recipes. Reach me at [email protected]