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Bored Ape Yacht Club Sends $1 Million to Ukraine in Ethereum Donation

UTC by Oluwapelumi Adejumo · 2 min read
Bored Ape Yacht Club Sends $1 Million to Ukraine in Ethereum Donation
Photo: OpenSea

While BAYC is the latest crypto firm to donate to Ukraine, the European country has received enormous levels of support from the wider crypto community who have made substantial donations towards its national interest.

Popular NFT collection Bored Ape Yacht Club (BAYC) has donated $1 million to Ukraine directly to the country’s ETH wallet address. BAYC announced through its official Twitter account that the donation was inspired by the contributions of BAYC community members.

Crypto donations continue to bolster relief efforts to help citizens that have been affected by the war crisis in Ukraine. According to expert opinions, the escalation of the crisis can only lead to a situation where the world witnesses the most enormous inflow of alternative financial support for an emergency situation ever.

With this donation, the Bored Ape Yacht Club NFT collection joins other communities that have demonstrated solidarity and support for citizens of Ukraine. Merkle Science records that this brings the crypto donation that Ukraine has received to a cumulative of over $80 million.

NFTs are a one-of-a-kind token existing on the blockchain and are an indication of asset ownership. Bored Ape Yacht Club stands among the few NFT projects to achieve a floor price of over 50 ETH.

The project has made a name as a cultural representation in the NFT ecosystem and in the process attracted the attention of renowned personalities such as Eminem, Steph Curry, and Jimmy Fallon among others who have chosen to ape into the collection.

Crypto Donations to Ukraine

While BAYC is the latest crypto firm to donate to Ukraine, the European country has received enormous levels of support from the wider crypto community who have made substantial donations towards its national interest. Crypto exchanges like Binance, FTX, and others have made substantial donations to support Ukraine.

According to available data on the country’s official Ethereum address, it has a balance of over 2500 ETH which is cumulatively worth over $7 million.

Data from Elliptic, however, shows that the total amount of donation to the country is around $60 million which is $20 million lesser than that of Merkel Science.

Unsurprisingly, Bitcoin and Ethereum donations top the list of the preferred coins used by donors. Elliptic shows that Ethereum donations amount to around 34% of all donations made to Ukraine while that of Bitcoin is around 31%. Stablecoins like Tether and USDC account for 17% of the donations and Polkadot donation makes up 15%.

A Bloomberg report also stated that Ukraine could be looking to tap into war bonds to help its defense. The revealed that the government was able to raise $277 million with an 11% yield and one-year maturity.

Altcoin News, Bitcoin News, Cryptocurrency news, Ethereum News, News
Oluwapelumi Adejumo

Oluwapelumi is a believer in the transformative power Bitcoin and Blockchain industry holds. He is interested in sharing knowledge and ideas. When he is not writing, he is looking to meet new people and trying out new things.

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