Ukraine Sells CryptoPunks #5364 It Received as Donations for 90 ETH

UTC by Godfrey Benjamin · 3 min read
Ukraine Sells CryptoPunks #5364 It Received as Donations for 90 ETH
Photo: Depositphotos

The government of Ukraine has sold the donated CryptoPunks #5364 which it received from an anonymous donor months ago.

The transaction was announced by Alex Bornyakov, the country’s deputy minister of digital transformation on Twitter who noted that the Non-Fungible Token (NFT) was sold for 90 ETH which is valued at over $100,000 at the time of sale.

The war in Ukraine started back in February when Russian forces invaded the nation to carry out what is called a special military operation in the country. When the war began, well-wishers around the world sympathized with Ukraine and showed solidarity through the donations of funds in the form of digital assets.

Virtually all major digital asset service providers donated funds to Ukraine, with the Binance exchange supporting through a series of funds including its initial $10 million donations and another $2.5 million through Binance USD (BUSD) stablecoin.

With the purpose of the funds tagged as a support to the Ukrainian military at the war front, the solidarity shown by the digital currency ecosystem knew no bounds as several protocols including Solana (SOL), Polkadot (DOT), and Tron (TRX) amongst others joined the list of donors.

Individuals with personal NFT assets also donated it to the relief efforts, showcasing that the digital currency ecosystem is an encompassing industry where all innovations emanating from it can contribute to the common good of all.

HODLing the CryptoPunks NFT significantly reduced its accrued valuation as it was priced at around $260,000 at the time it was transferred to the Ukrainian government’s wallet. However, the funds received at this time will go into supporting the government’s humanitarian effort, making it still worth a lot.

To date, as much as $135 million in crypto have been donated to Ukraine, and this includes the $6.75 sale of a Ukrainian Flag NFT.

Besides CryptoPunks Trade, Ukraine Has Treated Crypto Well

The government of Ukraine has recognized the help from the broader cryptocurrency community and has shown more direct goodwill to the industry since the war broke out.

In alignment with the country’s parliamentary efforts to legalize cryptocurrencies in the country, President Volodymyr Zelenskyy officially signed the virtual asset bill to legalize crypto in the nation in March this year as reported by Coinspeaker at the time.

By legalizing crypto, the country will not just grow to support the transactions of digital currencies and Non-Fungible Tokens, but it will also lay down a very progressive regulation that will be guiding the industry. By the sheer gesture to legalize these virtual currencies, Ukraine may well be on its way to becoming a major crypto hub in Eastern Europe when the war is over.

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