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The central point of the most recent effort to raise funds for Ukraine was a basic office that was located above a bakery in north London.

Isaac Kamlish, Nathan Cohen and Isaac Bentata — ages 23 to 25 — gathered around their laptops earlier this week Isaac Kamlish, Nathan Cohen and Isaac Bentata — ages 23 to 25 –and they helped to launch the first auction of unique digital collectibles from a nation-wide government.
Kyiv was successful in selling more than 1,200 non-fungible tokens.
This auction, which makes the utilization of blockchain technology as a method of wartime financing, demonstrates the way that Ukraine’s government uses traditional and new tools to raise the money it requires to get through the crisis.
NFT which is supported by the PussyRiot member raises $6.7 Million for Ukraine

One playbook has been old school. Kyiv has raised around $1 billion through war bonds that were sold to Ukrainian citizens and institutions. The Ukrainian population is willing to lend money to the government even though they aren’t certain they will get the entire amount back.
The presidency of President Volodymyr Zilensky has urged prospective donors to transfer crypto directly to their accounts. This initiative has helped raise more than $56 million according to Chainalysis analytics company. The NFT sale Wednesday witnessed collectors from all over world, from Los Angeles and Barcelona, eager to participate in what they believed was an important moment for Ukraine and the crypto world.
“The Ukraine war is devastating, and it will be on the books of history,” said Ben Jacobs co-founder of Scenius Capital. an investment company that invests in digital assets. “This technology is a historical one in its own right.”
Jacobs, who is located in Venice Beach (California), purchased two NFTs. The total price was $1100, which includes tiny charges. A total of $1000 in ether- the cryptocurrency used for NFT sales — was paid to the Ukrainian government. Ukraine.
A fundraising rush
There have been people throughout Europe, in the United States, and elsewhere to show their support for Ukraine. They have put up yellow and blue flags on their buildings, held local fundraisers, updated their avatars on the internet, and displayed their solidarity by using social media.
Zelensky’s team needs more than words and gestures. To ensure that Ukraine’s government is running and equip its military, Kyiv requires cash -and a lot of it. According to the government the war could have cost Ukraine $565 billion. The country’s GDP was $155 billion in 2020.
“Our deficit in the fiscal year is greater than we had anticipated when we started this year” Yuriy Butsa from Ukraine as the public debt commissioner management, said to CNN Business. This refers to the gap between the government’s revenues and spending.
In the five weeks since Russia invaded, the government has made an unprecedented effort to raise funds globally.
“These guys are being innovative,” said Viktor Szabo who is a fund manager who specializes in debt from emerging markets for the investment firm based in Britain, Abrdn.
A man who wears the colors of the Ukrainian flag is using a smartphone in Barcelona on March. 1.

Kyiv is relying on tried and tested channels to raise cash. Ukraine has already received emergency funding of $4 billion from multilateral organisations like the International Monetary Fund or World Bank. Additional $2 billion is being negotiated.
The same can be done with classic war bonds. These are bonds governments issue in times of conflict to get support from the people. They are also helpful in fighting inflation since they remove cash from circulation in times of frequently a shortage of products.
Five bonds in local currency were auctioned off in March by Ukraine, raising approximately $1 million. Butsa stated that there was a substantial demand from both private as well as institutional customers. The money goes into the government’s pot and are then used to cover expenses such as paying pensions or emergency services.
Butsa stated that “a large number of people purchase the $10,000, $5,000 amount of this instrument.”
These bonds are not easy to purchase in today’s market. They require faith. One-year notes last month yielded 11%. This is a sign of the risky nature of these bonds. If Zelensky’s government is toppled or goes into exile, or a long war devastates the Ukrainian economy, then repayment will not be a guarantee.
world mobile token price &P Global Ratings dropped its Ukraine credit rating immediately after the invasion. The company said that although it believes the international community will help Ukraine to meet its financial needs over the next 12 months, there is the “potential for governance disruptions that could put the commercial debt servicing in danger.”
Butsa stated that Ukraine’s government is currently working “24/7” with its bankers to come up with a brand new dollar bond which could be sold to foreign investors, many of which are keen to support Kyiv but are held back by capital controls that block them from obtaining the dividends in Ukraine’s currency as well as other logistical challenges.
Butsa stated that “our goal is to provide the possibility that anyone who wishes to support Ukraine living in the USA, having their account with local banks, is able to assist us.” The team is also examining options within the European Union.
Despite the fact that there is support for Ukraine professional investors who are under a duty protect their clients’ capital might be nervous about loaning money to the government of Ukraine, even if they can provide bonds to foreign investors.
Szabo declared that “we can’t put our money into an asset where we can see a good chance of returning,” however, he added that he thought the market could become more attractive after the war has ended.
The Crypto angle
The attractiveness of financing options that don’t need borrowing is attractive since Ukraine does not want to increase the burden of its debt.
Butsa declared, “We don’t want to end-up, as the war is now in the rebuild phase” paying more for debt service than building infrastructure.
That’s where donations to crypto and NFT sales can come in. Ukraine is encouraging citizens to donate bitcoins and other cryptocurrency via official social media accounts for a few weeks. This has enabled the government to access an abundance of small-scale donors, who don’t need to worry about complex financial arrangements or currency conversion.
Chainalysis disclosed the CNN Business that Kyiv raised approximately $56 million in crypto-related funds as of the 28th of March. This was in addition to an average donation of $30. Alex Bornyakov of Ukraine, the deputy minister for digital transform, , stated last month, that the money was used to purchase bulletproof vests. Walkietalkies, helmets, and medications.
During the protest of Russia’s invasion of Ukraine the crowd gathers in front of a huge Ukrainian flag at the White House on Feb. 24 on the 24th of February, 2017.

A deal by UkraineDAO of a NFT for the Ukrainian Flag which was supported in part by a member of the Russian militant group Pussy Riot raised more.
This week saw the official NFT sale that was the start of a new phase. Around the globe, supporters purchased digital artworks created by local artist that combined colorful images and artifacts resembling tweets.
Kevin Lista Navarro a 26-yearold financial advisor from Barcelona who has donated before to Ukraine refugees. Still, he thought of the NFT auction as a rare opportunityand purchased two tickets.
“Thanks this technology, you are now able to make a contribution and as a reward a piece of commemorative work or work of art” he explained. “Who knows what they might be worth in the coming years.”
Kamlish Cohen and Bentata The London team whose nascent platform was used in the deal — were enlisted by cold emailing the Ukrainian government. They’ve been working for two and a half weeks working late into the night and buzzing with adrenaline to prepare for the launch.
Bentata said, “It’s just crazy.”
Kamlish said that even though there was a significant amount of traffic to the website, it went smoothly.
“How Ukraine has really leaned into crypto as a way to gain financial support … it shows how important it is for governments to lean towards crypto and NFT technology instead of resolutely fighting against it simply because it’s new and frightening,” said Jacobs of Scenius Capital.