Thursday, September 29, 2022

Binance Donates $10M in Charity as Relief for Ukrainians

Binance Exchange, a global digital currency trading platform has donated the sum of $10 million alongside establishing a crowdfunding site to solicit help from the public to assist inhabitants of Ukraine in alleviating the economic needs in their nation as a result of the ongoing war with Russia. This relief effort was announced by Binance, complementing other efforts by well-meaning individuals around the world. 

This humanitarian gesture is spearheaded by the charity arm of the exchange platform, Binance Charity Foundation. Funds realized from the donation will be divided amongst registered NGOs and prominent inter-governmental bodies, who will ensure that the financial support raised are evenly disbursed.

The UN Refugee Agency, iSans, UNICEF, People in Need and UNHCR (United Nations High Commissioner for Refugees) who are already on ground in Ukraine administering help of all sorts will be the  direct beneficiaries to the donations, hence an extension of support to everyone in need as a result of the raging war.

The launched crowdfunding site, first-ever cryptocurrency mass funding initiative floated by a trading platform on behalf of the Ukrainian people is dubbed the Ukraine Emergency Relief Fund. This fund is designed to enable the public contribute their quota in crypto to help the Ukrainians with every support they need in this dire time.

Binance has taken the lead in commiting themselves to the funding project at hand. The platform has contributed a sum of 16,042 BNB which has an equivalent value of $6 million.

In a statement, the founder and CEO of Binance, CZ said having to watch events turn out this way for the Ukrainians for the past 4 days has been a shocking thing to have witnessed, adding that;

“We are proud to have been able to quickly rally our network to provide relief and support on the ground to those in need. This includes helping provide food, fuel, supplies and shelter for Ukrainians, which include countless Binance community members.”

The world renowned blockchain firm further listed their focus as to providing the specific relief for Ukrainians.

Binance exchange noted it has an ongoing relationship with UNICEF, one that will be instrumental in administering welfare for 7 and half million children in Ukraine. Also, the firm will be partnering with UNHCR to support refugees. In all, for as many persons that will not be leaving their country, but are displaced from their homes, help will be extended to them to scale through these trying times. 

A list was further provided on the site to display transparency and also spur as many has not donated to contribute their share to this noble cause, all bolstered with Ukraine’s bold move to legalize cryptocurrencies a few days ago amidst the brewing geoplitical tension in the region.

Israel Love
Israel Love is a passionate writer that enjoys educating and inspiring people through his writing. This passion fuels the desire to simplify the complexities in the blockchain ecosystem, by providing viable information about the crypto space in such a way that makes it easy for anyone to understand. Israel love also has interests in Human Resource Management as he is a trained expert in HR.

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