Binance, which is the largest cryptocurrency exchange in terms of trading volume, announced that it would take a number of humanitarian actions to help Ukrainians. Binance Charity Foundation stated that the exchange will contribute at least $10 million for the benefit of the Ukrainians. Binance said it also launched a crypto-first crowdfunding website to help coordinate donations to the Ukrainian cause.
Binance offers humanitarian donations to Ukrainians
Binance, a leading cryptocurrency exchange, announced that it will help Ukraine’s people in the wake of the conflict. It announced that the exchange will contribute at least $10,000,000 to humanitarian aid efforts in Ukraine to alleviate the crisis. Binance Charity Foundation will donate the money to both nonprofit and governmental organisations in Ukraine.
UNICEF is one of these organisations. It has been involved in the exchange for humanitarian causes since its beginnings. UNHCR, Isans, UN Refugee Agency and People in Need are some of other organizations who will be managing part the funds. They will focus their efforts in supporting the families of displaced children.
‘Humanity First – Ukraine Emergency Relief Fund’
To coordinate the assistance of third parties that also want to donate, Binance launched a crowdfunding initiative called “Humanity First – Ukraine Emergency Relief Fund,” where anyone can put part of their crypto funds towards this initiative. According to the exchange, these funds will be directed to “help provide emergency relief to refugees and children and to support logistics on the ground such as food, fuel, and supplies for refugees.”
Binance donated 16042 BNB already to the fund. This donation, at the time was equal to $6 million. The fund has also received contributions from other donors. There were more than370 transactions to addresses connected to this fund at the time of writing. This total donation came to 148.25 BTC and is approximately $6,443,051.
Binance is not the only one coordinating donations in support of the Ukraine conflict. On Saturday, the Ukrainian government began asking for donations in cryptocurrency via its social media accounts. It accepts bitcoin, USDT, and ether. Already, more than $10.6million has been donated by the crypto community through 13,670 transactions to these addresses.
What do you think about Binance’s donation and its Ukrainian cryptocurrency fund? Comment below.
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