The Bored Ape Yacht Club is the latest to add to the increasing number of cryptocurrency donations in favor of the Ukrainian humanitarian effort.
The legendary nonfungible token (NFT) collectors club confirmed a contribution of $1 million in Ethereum. The contribution came after about an identical amount was received from a crypto wallet that also housed a Bored Ape NFT. Approximately 389 ETH were transferred on March 8 from the BAYC address to the crypto donation address for Ukraine.
It’s been inspiring seeing our community come together in support of Ukraine – almost $1m in ETH has been donated to @Ukraine by wallets containing a BAYC ecosystem NFT. Today we’re matching that with a $1m ETH donation of our own. 🦍♥️🇺🇦— Bored Ape Yacht Club (@BoredApeYC) March 8, 2022
Donation to Ukraine has surpassed $60 million till now
According to current exchange rates, the Ukrainian Ethereum address for accepting donations has a balance of 2,759 ETH, which is worth roughly $7.5 million at current exchange rates. The fact that there were 12 small transactions from a day ago that were still waiting suggests that customers might have placed too low a limit on their gas consumption.
Since the Russian invasion of Ukraine began on February 24, Elliptic, a blockchain data company, has been keeping track of the total number of donations that have been made to the country. On March 4, the amount of money sent each day suddenly dropped, and it hasn’t been able to get back to where it was before.
Elliptic claims that, of the total received, Ethereum has already surpassed Bitcoin as the preferred currency. Stablecoins account for 17% of the total, with DOT accounting for 14.5 percent.
Flipside Crypto has established a dashboard that details the donations received in the ETH and USDT wallets. It now reports a total asset value of $25 million. Merkel Science, citing many sources, reports a far larger amount of $88.6 million in total crypto donations for Ukraine, the vast bulk of which is in ETH.
Making a war bond investment
According to a Bloomberg report from March 8, it’s possible that Ukraine would employ crypto war bonds to raise money for its defense. The government raised $277 million by selling a one-year war bond with an 11 percent yield. War bonds are government-issued financial instruments that are used to pay for military operations and other war-related costs. It is possible to reduce inflation by removing money from circulation.