World's leading cryptocurrency and blockchain infrastructure provider Binance launched Refugee Crypto Card for Ukrainian refugees


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