Global's leading cryptocurrency and blockchain infrastructure provider Binance has launched a crypto card called Binance Refugee Crypto Card to support Ukrainian refugees.

All current and new Binance users from Ukraine who are affected by the Ukrainian conflict and are forced to move to the European Economic Area EEA because of the war with Russia can use this card. In partnership with Contis, the Binance card has been created. This crypto card allows refugees from Ukraine to make crypto payments and receive funds through the Binance Visa Card. It will allow displaced Ukrainians to make complete purchases at retailers in the EEA that accept card payments.

Recipients of the card after successful verification done by their local nonprofit organizations will receive financial support from Binance in the form of Binance USD (BUSD) along with access to crypto transactions. United Nations High Commissioner for Refugees (UNHCR), the UN Refugee Agency has recommended a donation amount of 75 BUSD which is equivalent value to US$75 that will be provided per month for three months. These donations will be received by the users. During card payment, the BUSD cryptocurrency will be automatically converted to local currency.

As per the head of Binance Charity, Helen Hai, the card is not a “commercial product”. Its primary purpose is to enable donations to be received and spent. In this important way, crypto can play an important role in society. As per, the card can be used for transactions and means of payment. Cryptocurrencies are useful since they provide fast, cheap, and secure ways of transferring funds to support their urgent financial needs said Helen Hai, Head of Binance Charity.

General Manager of Binance in Ukraine, Kirill Khomyakov said that people who left Ukraine and were forced to leave their homes, due to war can get support from Binance and other charitable organizations including receiving cryptocurrency from any other wallets using Binance Refugee Card. Some four million people left Ukraine according to data.

Binance announced that it’s working with several entities, including European banking-as-a-service platform Contis and nonprofit organizations Rotary and Palianytsia to give crypto-based cash assistance and provide refugees a way to send and receive funds and make purchases within the European Economic Area (EEA). This will allow relatives or acquaintances to transfer crypto to the new cards and Binance wallets to support their loved ones.

Binance Charity is also aiming on working with organizations in-country to support civilians who have not been able to leave and face an even greater threat of danger. Further, Binance Charity created a cryptocurrency crowdfunding site "Emergency Assistance Fund for Ukraine'' so that people from all over the world could donate cryptocurrency to support Ukraine. It has already raised about $1M.

In April, Vitalik Buterin donated $5 million in Ether (ETH) to Ukraine without posting any public announcements about the donations. After two days it was detected and received a lot of social media attention. Earlier, Binance allocated 10 million USD through Binance Charity to provide support to displaced children and families in Ukraine and its neighboring countries. 

Indrani bose

CBW - External Analyst

INDIA