War in Ukraine could accelerate growth of the crypto sector

The explosion of crypto philanthropy is yet another example of how war can produce unexpected side effects.

"Russia’s invasion of Ukraine is the first major event where cryptocurrencies are part of the equation,” Bridgewater hedge fund told clients this week. PHOTO: BLOOMBERG
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(FINANCIAL TIMES) - The Ukrainian government announced on social media last month that it would accept global donations made in Bitcoin, Ethereum and Tether, to support its army.

It might have seemed like a publicity stunt. Not so. About US$106 million (S$144 million) of crypto donations have flooded in, if you tally up all the initiatives on different platforms, according to Ms Brittany Kaiser, a crypto entrepreneur (and former whistle-blower at Cambridge Analytica). She is part of a tech network helping Ukraine's Digital Transformation Minister Mykhailo Fedorov to organise this.

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