Binance Donates Stablecoin Worth $2.5 million to Help in Ukraine Humanitarian Crisis

April 6, 2022

Reading Time: 2 minutes

Last month, the popular crypto exchange, Binance, announced its commitment to donate a minimum of $10 million to help in the Ukraine humanitarian crisis.

However, the United Nation High Commissioner for Refugees (UNHCR) has announced that it has received the first donation from Binance to mitigate the Ukraine humanitarian crisis. The donation was made with stablecoin BUSD which is worth $2.5 million through the Binance charity and it will be utilized in the rehabilitation and support of Ukrainian refugees fleeing to other countries due to the Russia military operation in Ukraine.

Stablecoins are crypto coins that connect the traditional (fiat) currency to the cryptocurrency world, their prices are tied to a reserve asset like the US dollar or gold. BUSD is a stablecoin developed by Paxos, a trading and custody platform in New York, and Binance.

Hitherto, more than 10 million Ukrainians have been displaced from their homes, and about 4 million people have sought refuge in countries like Poland, Romania, Hungary and other neighboring countries, while millions are displaced but remain in the country.

Binance Charity’s commitment to the families fleeing the war in Ukraine shows the innovative philanthropic power of crypto in action,” said Anne-Marie Grey, Executive Director and CEO of USA for UNHCR. “This generous support will make a life-changing difference for families forced to flee, and more importantly, it shows families that a caring and committed global community is stepping forward to help during their darkest times.”

According to Helen Hai, the Head of Binance Charity, “Every day we see more casualties, more destruction, more lives lost. Our hearts ache for the people of Ukraine. We are proud that we’ve been able to work with UNHCR to deliver its first BUSD crypto donation. UNHCR’s tireless efforts and second-to-none experience in assisting refugees, makes them an obvious choice to support as part of our $10 million USD in crypto donations.”

Crypto has been vital in addressing Ukraine humanitarian crisis

No doubt, Russia’s invasion has created a humanitarian crisis in Ukraine, the country over time has raised its voice seeking aid from other countries, however, crypto so far, has been making it easy for many countries across the globe to come to their aid, thus far, the country has received over $100 million in crypto donation, funds donated in crypto has been of great help in supporting evacuation and rehabilitation. This has made the country and many countries of the world see the beauty behind cryptocurrency, the country has now embraced digital currencies more than ever, recently, the country launched its non-fungible token, and legalized digital asset, last month, there was a report that the country is pushing for full membership in the European Blockchain Membership Partnership.

Also, Binance launched a crypto-first crowdfunding website called Ukraine emergency relief fund to allow people anywhere in the world to donate crypto for relief funds, thus far, the platform has raised about $900k USD from the crypto community.  With the problem cryptocurrency has been able to address during this crisis, Ukrainians will forever be grateful that digital currencies exist.

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