As Russia’s invasion of Ukraine grinds on, cryptocurrency exchange Binance is issuing a crypto debit card for more than 7 million people who have been displaced.
The company would pay refugees authorized for the card $75 every month in Binance USD for three months. During purchasing cryptocurrencies, the card will automatically change to the local currency.
Even if they have fled Ukraine, refugees will need to prove their identification and use an existing Binance crypto wallet with a Ukrainian address or open a new account with a Ukrainian address, according to the business.
What is Binance Charity?
Binance Charity is a non-profit dedicated to improving blockchain-enabled charity to pursue global sustainable development.
Binance Charity seeks to transfer altruism by establishing a blockchain-based, 100 percent transparent contribution platform to create a future where digital innovation is used to solve poverty and inequality, advance sustainable development, and ensure that no one is left behind.
Through various projects, BCF has assisted over 2 million end beneficiaries. Other than charity, Binance also did many other projects that are bound to improve crypto industry, one such project is BnB smart chain.
More About The Project
Kyiv, April 26, 2022 — Binance has created the Binance Refugee Crypto Card for all current, and new Binance users from Ukraine forced to relocate to EEA countries due to the war with Russia.
In conjunction with Contis, the Binance card was created.
It will allow displaced Ukrainians to send and receive cryptocurrency payments and make purchases at businesses that accept card payments in the European Economic Area.
“At such a difficult time for Ukraine, cryptocurrencies are beneficial since they give a fast, reasonable, and secure way of delivering funds to support individuals with their immediate financial needs,” Helen Hai, Head of Binance Charity, said.
“Approximately four million individuals have already fled Ukraine,” said Kirill Khomyakov, General Manager of Binance. Our responsibility is to assist those who have been affected by the war and have been forced to flee their homes.
The Binance Refugee Card will enable Ukrainians to obtain assistance from Binance and other charitable organizations and receive cryptocurrency from any other wallets if necessary.”
Binance Charity is partnering with several non-profit organizations, including Rotary Club Kyiv International and Palianytsia, to provide crypto-based cash assistance via the Refugee Crypto Card, which will allow relatives and acquaintances to transfer cryptocurrency to the new cards and Binance wallets to assist their loved ones.
Refugees who apply for Binance Refugee Crypto Cards and are approved by local non-profit organizations will get 75 BUSD or $75 per month. The BUSD coin will be instantly changed to local currency upon the card payment.
It is entirely free to obtain and use a card. To obtain a Binance Refugee Crypto Card, refugees must use an existing account registered in Ukraine or create a new Binance account using a Ukrainian home address, even if they already reside in another EEA country. All users will be required to complete KYC verification.
“We want to see blockchain functioning for people, solving real-world problems, and connecting those who want to help directly with those who need it,” Ms. Hai continued.
We will continue to build projects and collaborations to assist the people of Ukraine and crypto and blockchain solutions in helping others affected by crises around the world.”
Binance’s ongoing help initiative for Ukrainians harmed by the conflict includes this action. Binance had previously donated ten million dollars to Binance Charity to help displaced children and families in Ukraine and nearby countries.
Shelter, food, safe drinking water, medical supplies, cash help, and psychological support are all provided to individuals compelled to flee.
Binance Charity is also concentrating its efforts on collaborating with local organizations to assist individuals who have been unable to flee and face an even greater risk of harm.
This year will surely be remembered for the horrific conflict between Russia and Ukraine, but on the brighter side, it shows how much crypto community has evolved and just how much it can benefit the world as a whole.
Since the start of the war, cryptocurrencies and other digital assets have been highly beneficial to Ukraine’s efforts. According to a report by euronews, the eastern European country has received almost $60 million (€55 million) in cryptocurrency donations as of March 23.
To gather funds for the battle, the country’s ministry of digital transformation created the non-fungible token initiative “Meta History: Museum war” on March 29.
1,200 digital items were sold on the first day, making almost $600,000. This funding will be utilized to rebuild the infrastructure that has been destroyed as a result of the conflict.
Binance reduced its Russian services last week in reaction to the European Union’s newest wave of restrictive actions against Russia in response to its invasion of Ukraine.