Cryptocurrency Founder Donates $5M To Ukraine, Following Up On Earlier Promise

Ethereum (CRYPTO: ETH) co-founder and Polkadot (CRYPTO: DOT) founder Gavin Wood has donated $5.6 million worth of DOT to Ukraine as the country tries to bolster its reserve of cryptocurrencies amid a war with neighboring Russia.

What Happened: Wood sent 298,367 DOT to Ukraine’s DOT address, according to blockchain data. Based on DOT’s price of $18.66 at press time, the donation is worth $5.6 million.

Wood took to Twitter to provide a link to the transaction hash of his donation.

https://t.co/bFyYkKDseL

— Gavin Wood (@gavofyork) March 1, 2022

Ukraine’s DOT address now holds 324,512 DOT, valued at $6 million as at press time.

See Also: How To Buy Polkadot (DOT)

Why It Matters: Wood had pledged to donate $5 million to Ukraine if the government opened a DOT address.

The Ukrainian government had earlier made a public appeal for donations in cryptocurrencies such as Bitcoin (CRYPTO: BTC) and Ethereum in the aftermath of Russia's invasion of the country. This led to backers of other cryptocurrencies, including Polkadot and Dogecoin (CRYPTO: DOGE), to call for their coins to also be accepted for donations.

Ukraine raised almost $11 million in cryptocurrency donations following the appeal, it was reported on Monday.

Price Action: Polkadot is down 0.9% during the last 24 hours, trading at $18.59 at press time.

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