Binance announced the launch of a charity crypto debit card for Ukrainian refugees. Read more!
What Is the Binance Charity Crypto Card?
Ukraine's Minister of Digital Development, Mykhailo Fedorov, announced on his Telegram channel that Binance would issue a "charity crypto card" for Ukrainian refugees at the end of April. The crypto debit card is to help Ukrainians that had to flee the country and follows Binance's financial support for the country. In doing so, Binance joins the Unchain Fund, a crypto-native fund that had earlier issued a virtual crypto card to help Ukrainian women and children.
Fedorov wrote on his Telegram channel:
"During this month, Binance will also launch a charitable crypto card for all Ukrainians who have been forced to leave Ukraine and need help. This is an important support for our citizens during the war."
Fedorov disclosed that Binance would also increase its donation to $20 million as part of its efforts to support Ukrainian citizens. Binance has already donated $10 million to several major intergovernmental organizations and non-profit organizations in the country. Donations are split between organizations like UNICEF, UNHCR, the UN Refugee Agency, iSans, and People in Need to help support displaced children and families in Ukraine and its neighboring countries.
Following a conversation with Binance CEO, Changpeng Zhao, about further cooperation, Fedorov wrote:
"Binance will support our educational projects, in particular crypto literacy, so that even more Ukrainians receive digital skills and professions."
The financial means for supporting Ukraine will come from Binance Charity, the exchange's charity arm.
What Is Binance Charity?
Binance Charity is "the world's first blockchain-powered non-profit" that brings "transparency and accountability to charity."
Binance correctly states that crypto donations allow for greater transparency concerning the use of donations. In contrast to fiat donations, crypto donations can be tracked until their final destination, which Binance has leveraged for its philanthropy platform since its launch in 2018.
You may also check out our guide on “crypto donation vs fiat currency donation”
Following the crisis in Ukraine, Binance launched a crypto-first crowdfunding site called Ukraine Emergency Relief Fund. It enables people to donate crypto to help provide emergency relief to refugees and children. Via the fund, you can also support logistics on the ground like food, fuel, and supplies deliveries to refugees. The fund has thus far raised close to $12 million, about 60% of its $20 million target.
Furthermore, Binance is working with several local refugee groups to expedite Ukrainians' passage across the border into safety in two neighboring countries.
Binance Charity also collaborates with UNICEF via its Luxembourg Committee. The exchange helped provide assistance following the Beirut Explosion and funded COVID-19 global vaccination efforts through the COVAX initiative. The $1 million donation to UNICEF Luxembourg helped deliver vaccines to communities in 11 countries across four continents. Binance Charity raised another $5 million and donated 2 million PPEs to 26 countries during the pandemic.
Other initiatives by Binance charity included creating job opportunities for Kenyan women during the pandemic and donating $160,000 to the victims of the 2021 AFCON stadium stampede.
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