A blockchain is an open ledger that allows transactions between two parties without the need for a third party. Due to this, blockchain technology can be used across multiple industries.
Russia’s invasion of Ukraine significantly influenced the global economy. Before the Russian invasion, according to different sources, Ukraine was ranked fourth globally for embracing cryptocurrency, had 5.5 million people who own crypto (which constitutes 12.7% of the total population) and features roughly 130 businesses whose central direction is Web3.
During the first 4 days of war (by March 1st), the citizens’ donations in cryptocurrency alone had exceeded $21 million. Of course, people in Ukraine and worldwide continue donating every day. Thanks to this, blockchain once again proves the efficiency of crowdfunding and the necessity of fast access to one’s funds.
In addition to conventional blockchain-based fundraising methods, Ukraine DAO got $57 million in crypto just by March 5th, according to figures made by blockchain tracker Elliptic.
Since the topic of Ukraine’s blockchain adoption is crucial and depicts the interdependence of modern technologies, the global economy, and processes, Stobox has prepared an infographic on this matter.
👉 Also, check out the Stobox article about How DeFi and NFT help support Ukrainian army and its upcoming victory.
#Stobox #DeFi
