
As Russia continues its brutal military campaign in Ukraine, which it launched two weeks ago, several financial themes have emerged. One is the growing list of U.S. companies cutting off ties with Russia, with McDonald’s, Starbucks and Coke being the latest to join the list of nearly 300 companies.. Another theme is the role cryptocurrency is playing.
Ukraine’s official Twitter account announced on Feb. 26 that the country was accepting donations in the form of bitcoin, ethereum and the stablecoin tether — several days later it added polkadot and dogecoin to the mix. As a result, more than 100,000 crypto asset donations worth more than $59 million were sent to Ukraine between Feb. 24 and the morning of March 7, according to blockchain analytics firm Elliptic.
Some tech companies in the U.S. are also turning to the decentralized digital currency as a form of payment for their Ukrainian employees, as some banks across the war-torn country have been electronically shutdown by Russian cyberattacks. Ukraine has become an emerging talent market for tech professionals, according to MarketWatch, which has brought this issue to the forefront for many tech organizations.
“What attracts U.S. tech companies besides Ukrainian talent is the fact that it is a fast growing digital economy,” Bhaskar Chakravorti, dean of global business at The Fletcher School, Tufts University, told MarketWatch. “It ranks 37th out of 90 countries on our digital momentum measure.”
MarketWatch noted that several prominent tech companies, including Alphabet Inc., Snap Inc., Oracle Corp., Ring and Grammarly, all have offices in Ukraine that employ hundreds.