The Bored Ape Yacht Club Contributes $1 Million in Ethereum to Ukraine

Crypto contributions in support of the Ukrainian humanitarian effort continue to come in, and the Bored Ape Yacht Club is the latest to contribute to the burgeoning fund (BAYC).

The illustrious nonfungible token (NFT) collectors club made a contribution of $1 million in Ethereum. The payment follows almost equal contributions from crypto wallets that included a Bored Ape NFT.

389 ETH were sent from the BAYC account to the Ukraine crypto contribution address on March 8. This equates to $1.05 million at current pricing.

The Ukrainian Ethereum address for contributions presently has a balance of 2,759 ETH, which is about $7.5 million at today’s exchange rates. Twelve tiny transactions from a day or two ago were outstanding, suggesting that consumers may have set gas restrictions too low.

However, the overall sum of cryptocurrency contributions is far more. Elliptic, a blockchain data company, has been recording the entire amount of contributions given to Ukraine since Russia’s invasion started on February 24.

As of March 8, 22:45 UTC, there has already been $60.5 million in digital asset donations. One potentially alarming pattern is that the daily quantity transmitted fell precipitously on March 4 and has failed to recover to pre-March 4 levels.

Elliptic states that Ethereum has now eclipsed Bitcoin as the preferred currency. A third of all cryptocurrency donations, or 33.7 percent, were made in ETH, while 31.2 percent were given in BTC. Stablecoins account for 17% of the total, while 14.5 percent was contributed in DOT.

Flipside Crypto has developed a dashboard that details the contributions received in the ETH and USDT wallets. It presently declares a total value of $25 million for both properties.

Merkel Science, citing many sources, reports a far larger amount of $88.6 million in total cryptocurrency contributions to Ukraine, the bulk of which are in ETH.

Exploiting war bonds

According to a March 8 Bloomberg article, Ukraine may issue crypto war bonds in order to collect funding for the country’s defence. The government raised $277 million last week via the sale of a war bond with an 11 percent interest and a one-year maturity.

War bonds are government-issued debt instruments used to fund military operations and other war-related expenses. Additionally, they may be used to rein down inflation by withdrawing money from circulation.

Also Read: Treasury Will Start A Financial Education Campaign Centred On Crypto Investments