The biggest cryptocurrency exchange in the world, Binance has announced its crypto card, which will enable its Ukrainian users to exchange digital assets for fiat currency and also allow for payments from anywhere in the world. According to the exchange, the card was produced in conjunction with Contis.
The crypto exchange will be working hand in hand with various NGOs inclusive of Palianytsia and Rotary, by providing cash donations in the form of crypto for the refugees. The crypto earnings will be transferred from their various Binance wallets to the Refugee Crypto Card.
All registered and verified Binance users in Ukraine will get the sum of 75 BUSD, which is equivalent to $75. The token will be received for three months consecutively and it will be disbursed by the United Nations High Commissioner for Refugees (UNHCR) in conjunction with the UN Refugee Agency. The issuance of the crypto card is totally free as detailed by the trading platform.
Speaking on the new development, the General Manager of the Ukrainian branch of Binance, Kirill Khomyakov said that since the war started, four million people have been displaced from their homes. Stating further, he noted that the card will enable the refugees to purchase anything from anywhere in the world.
To get the card, the refugees will have to register with their Ukraine residential address, even if they may be occupying another European country at the time of registration.
Helen Hai, the chief of Binance Charity said virtual assets have become a useful tool in helping the Ukrainians to get support at this dire time. She added that the crypto exchange will keep deploying various innovative measures to use digital assets to provide aid for any nation or individual that needs it.
Ever since Russia issued its first strike on Ukraine, the charity arm of the blockchain exchange firm has spearheaded donations in BUSD stablecoin worth $2.5 million dollars.
Binance also donated the sum of $10 million to the Ukrainian citizens immediately after the war started and also launched a crowdfunding site to seek more donations support for the refugees in Ukraine, which has raised more than $900,000 in cryptocurrency.