Most arms suppliers to Ukraine accept cryptocurrency as payment: report

Most companies supplying weapons to Ukraine in its defense efforts against Russia reportedly accept crypto assets as payment.

According to a new report by Yahoo Finance UK, Alex Bornyakov, Ukraine’s Deputy Minister of Digital Affairs, says that around 60% of the combat equipment suppliers the country did business with were able to accept digital assets.

Bornyakov says that even some Russian citizens have donated crypto assets to Ukraine and that digital assets are preferred because they are much more expedient compared to traditional currencies.

“If we were using a traditional financial system, it would take days, we would be able to secure the purchase of essential items in a short time via cryptocurrencies, and the amazing thing is that about 60% of providers were able to accept cryptocurrencies, I did not expect that.

According to the report, around 33% of the donations came from the Crypto Fund Air For Ukraine program, which Bornyakov called “an absolute success.”

“(The fund was) an absolute success, not only in terms of the amount of money raised, but also because of the procedure, efficiency and speed of accessing funds through cryptocurrencies.”

War between Ukraine and its eastern neighbor broke out last February after Russia invaded Ukraine in a decades-long territorial dispute.

Ukraine immediately began asking for cryptocurrency donations via its government’s Twitter account, asking for Bitcoin (BTC), Ethereum (ETH) and the stablecoin Tether (USDT).

Other assets accepted by Ukraine so far include Cardano (ADA), Solana (SOL) and Polkadot (DOT).

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Featured image: Shutterstock/zeber/Nikelser Kate

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