Ukrainian Charity Uses Crypto Actively, Says Donations Have Risen During Bear Market
The Serhiy Prytula Charity Foundation, an organization raising money for Ukraine’s war effort against Russia, has used crypto actively in its fundraising and is seeing donations rise in crypto terms even as the market has fallen from its highs.
According to Roman Sinicyn, Military Coordinator for the Foundation, crypto has been embraced both as a convenient way for people to donate to them, and as a way for the Foundation itself to pay for various equipment that it then donates to Ukraine’s army.
Sinicyn told Cryptonews.com that the Prytula Foundation has raised more than USD 4.5m in crypto donations since the war started on February 24 this year.
Among the items the Foundation has purchased with the donated funds are drones, such as the Turkish-made Bayraktar, as well as Volkswagen minivans from Germany and equipment like night vision goggles.
Sinicyn explained that some of the equipment, including radios, night vision gear, and even cars, can be purchased with crypto directly, while the German-made minivans need to be paid with fiat after first exchanging crypto donations to fiat currency.
“In general, crypto is still rarely used for purchases, most suppliers want cash. But crypto is becoming more popular,we have our suppliers who specifically ask for the crypto: for drones in Estonia, for cars in Great Britain and Slovakia,” he said for Cryptonews.com.
Among the benefits of crypto, Sinicyn stated that crypto is convenient and that it makes the life of volunteers easier. He further explained that operating with crypto also saves time that would otherwise be spent on waiting for things like bank and government approvals, as well as paying bank fees.
“[W]hen you're dealing with the help for the Army, timing is everything […]
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