Amidst the fog of war in Eastern Europe, investors have bid up cryptocurrencies in spite of the risk-aversion that’s dictated the market’s tone since the start of the year – and practically joined stocks and digital tokens at the hip for months.

Meanwhile, crypto is seen playing a small role in preserving the wealth of Russians as the Ruble plunges under the weight of sanctions. Crypto proponents have also sent vast amounts of the assets in support of Ukraine’s struggle to remain independent.

The Ukrainian government – which announced an airdrop reward to crypto donors on Wednesday – and supporting non-governmental organizations (NGOs) have received 38 million in crypto assets since the Russian invasion began last week according to data tracked by blockchain analysis firm, Elliptic.

The donations include $5.8 million donated from Gavin Wood, the creator of cryptocurrency Polkadot as well as a CryptoPunk NFT worth more than $200,000, in addition to thousands of donations in Bitcoin (BTC-USD), ether (ETH-USD), Polkadot (DOT-USD) and other digital tokens.

The supporting NGOs crowdfunding the war effort include several volunteer groups including Come Back Alive, which is raising money through the UkraineDAO to fund the country’s military. Cyber activists and hackers outside the country.

While generous, the crypto donations pale in comparison to how much nation states are sending in support, and hundreds of millions in aid and war bonds sold by the Ukranian government.

But for Ukrainian born crypto fans, leveraging the booming asset class during a war showcases its ease of use, and gives a glimpse of the future.

Illia Polosukhin, a California-based crypto entrepreneur and co-founder of the project Near Protocol, said the technology underpinning cryptocurrencies is superior to traditional bank payments.

Polosukhin’s parents, extended family and friends are trapped in the eastern Ukrainian city of Kharkiv, where Russian forces are currently bearing down. He and other Ukrainian crypto developers have raised almost $2 million of crypto donations through a relief effort called the Unchain Fund.

“Compared with wire transfers which can take two days, crypto is a game changer,” he told Yahoo Finance in an interview days ago.

Cryptocurrencies still aren't widely accepted and used in commerce, but Polosukhin argued that the war has spurred crypto-savvy individuals on-the-ground to step forward.

Vlad Panchenko, CEO and founder of the NFT and virtual in-game marketplace, DMarket, moved most of his company’s employees and their family members out of Kiev a little more than two weeks ago. Now relocated in various parts of Western Europe, Panchenko said he and other employees transported most of their wealth using USB-sized hardware wallets.

Before war broke out, Panchenko said the Ukrainian banking system was improving. Yet out of habit, “Most people still preferred to keep their money in cash instead of banks.”

“Without a bank account or the proper papers, you couldn’t transport more than $10,000. Most of us were without papers so for me and the others a flash drive worked best,” Panchenko told Yahoo Finance.

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