Ukraine Is Fighting the First War Funded by Crypto Philanthropy

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Ukraine’s government is using digital assets like nonfungible tokens to help fund the war against Russia

A cryptocurrency exchange in Kyiv on Feb. 15, 2022.Photographer: Ethan Swope/Bloomberg

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Prior to the Russian invasion of Ukraine in February, the Ukrainian government and the country’s crypto community would not have been described as allies. There was skepticism, distrust and even a few police raids on unlicensed crypto exchanges. That shifted with the war: Digital asset leaders in Ukraine are now hailed, by some, as heroes because of their work with the Ukrainian government to finance the war effort. Ukraine's deputy minister for digital transformation said crypto donations have enabled the army to buy military equipment, and medicine. In this episode, Bloomberg reporter Alastair Marsh discusses his reporting on how Ukraine has been using crypto during the war to support its armies and its population.

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