Ukraine’s Military Suppliers Accept Crypto

Ukraine is buying military supplies from weapon vendors accepting crypto as a means of payment. 

Reports from a Ukrainian Senior officer reveal that several weapon dealers are willing to trade weapons in exchange for crypto. 

Ukraine Buys Supplies with Crypto Donations

Ukraine started a fundraiser in crypto to seek worldwide financial assistance, given the crises of Russia’s invasion during February ending. The global community turned up in numbers to support the Russian neighbors and donations obtained from this end accumulated up to $60 million dollars equivalent in crypto. According to recent reports, Ukraine is actively deploying its donated funds to buy military supplies, amongst other basic necessities. 

The government has reserved details about other expenditures from the crypto funding. They claim to hold on to this information for security reasons. However, they promise to release the extended list sometime in the near future. According to a  Ukrainian politician, the full details of the list remain delicate information.

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As requested by Ukraine’s Ministry of Defense, the Ministry of Digital Transformation has taken up the task of managing the purchase of weapons via cryptocurrency. The government made agreements with Kuna, a locally based exchange, to create the beneficiary address for these donations which lists; five signatories, two ministries, as well as other government upper echelons. 

System for Utilizing Donated Crypto

To approve spending, only three out of the five signatories receiving crypto donations are necessary. The Ukrainian government set up withdrawal this way to permit access to funds if one of the signatories becomes indisposed. Its partnership with Kuna is also key. The exchange has technology capable of retrieving funds and performing transactions in the place of missing designated wallet holders. 

According to the Ukraine vice prime minister’s deputy, Alex Bornyakov, the conflict has thrown residents into unexpected circumstances. One of the signatories might end up in a harrowing circumstance that would make accessing their crypto wallet not feasible. 

Bornyakov isn’t currently in the capital, Kyiv. However, he refuses to reveal his location. 

Additionally, Ukraine has taken advantage of the presence of many vendors still willing to on-ramp crypto. This reflects the abundance of merchants still interested in selling goods and services in crypto. These vendors are situated in jurisdictions where trading crypto is permitted, therefore, they have crypto accounts and can receive payments in Bitcoin and several types of altcoins. 

Notably, Bornyakov described crypto transactions as more convenient than traditional payment systems. He went ahead to compare its performance with the SWIFT network, claiming that crypto was significantly faster and easier to use. 

Identity of Signatories

For security purposes, the deputy refused to disclose the identity of the individuals linked to the wallet. Although they are members of the ministry of defense, the exact people with these wallet addresses remain unknown. 

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Apparently, Ukraine’s President Volodymyr Zelenskyy is not amongst the selected wallet holders. However, Bornyakov mentioned that the government kept the signatories in a secure location to protect them from the war.