• The fact is that cryptocurrencies are too small for Russia. If we look at the current state of cryptocurrency acceptance, we might estimate that about 3% of the global population has some form of cryptocurrency exposure (owns some cryptocurrency).
  • Most of them have only a small percentage of their net worth in cryptocurrencies. On average, it is less than 10%. Thus, today cryptocurrencies account for less than 0.3% of global net worth. This percentage applies to Russia and the United States.
  • The conflict between Russia and Ukraine has had such an impact on the cryptocurrency space that it has been called the world’s first cryptocurrency war.

As part of its support for the children of Ukraine during these difficult times, the Cryptocurrency charity has donated $2.5 million in cryptocurrency to UNICEF. Cryptocurrency has just joined the growing number of people in the cryptocurrency ecosystem who are donating and stepping up for the country's cause by helping Ukrainian children in the ongoing war with Russia. The company's nonprofit charity, CryptocurrencyCharity, has donated $2.5 million in cryptocurrency to UNICEF. The purpose is to help fund the costs of the organization, which helps children and families in war-torn Ukraine.

Coin and UNICEF team up to help children in Ukraine

In the announcement, UNICEF praised Coin's donation, adding that the timing is right as the escalation of the military confrontation is having a huge impact on the people and the funds are coming in now. The advance of Russian soldiers and attacks on different infrastructure sites have had an impact on the lives of people living in the northern regions of Ukraine. The Ukrainian president's demands for local people to join the military and restrictions on regional operating funds have done little to improve the lives of residents of the disputed region.

UNICEF's work focuses on providing water, education and protection for children; promoting health and sanitation assistance to communities; and working with the Ukrainian regional government to strengthen community support programs and assist mobile teams with child protection services. Coin CEO Canpeng Zhao said he will continue to work with UNICEF to provide financial support to the charity: They are grateful for our continued partnership with UNICEF, which, with the help of the Coin community, has been able to provide emergency relief to these people for children and their families.

The first cryptocurrency war in human history

The conflict between Russia and Ukraine has had such an impact on the cryptocurrency space that it has been called the world's first cryptocurrency war. In an effort to increase its war budget, the Ukrainian government has begun accepting donations of Bitcoin, Ether and Stablecoin. Ukraine's wallet has rapidly expanded to accept other cryptocurrencies, such as Polkadot and Dogecoin, adding millions of dollars to its holdings. Ukraine has spent $15 million in funds on military weapons. No information is available on the amount of funds used for humanitarian work.

On the other hand, there has been much theorizing about Russia's use of cryptocurrencies as a means of circumventing sanctions imposed by the United States and its allies.

However, no official statement has been issued on the subject, and CZ has stated that it is almost impossible to use cryptocurrencies to keep the Russian economy running: in fact, cryptocurrencies are too small for Russia. If we look at the current state of cryptocurrency acceptance, we can estimate that about 3% of the global population has some form of cryptocurrency exposure (owns some cryptocurrency). Most of them have only a small percentage of their net worth in cryptocurrencies. On average, it is less than 10%. Thus, today cryptocurrencies represent less than 0.3% of global net worth. This percentage applies to Russia and the US.