Binance Donates $10M To Ukraine And Launches Emergency Relief Fund
It is no surprise that international support for Ukraine continues to grow following the invasion by Russia.
After Russia invaded Ukraine, experts from every sector started getting worried about worse cases. For example, cybersecurity experts started answering if a global cyberwar is about to unfold. The crypto money industry did not remain idle either.
Binance, the world’s largest crypto exchange by volume, has announced a $10 million donation to Ukraine. Also launching an emergency fund for the affected country. On his Twitter account, CEO CZ noted, “Our focus is providing on-the-ground support. We care about the people.”
#Binance is donating $10M to help the humanitarian crisis in Ukraine & @BinanceBCF launched the crypto-first crowdfunding Ukraine Emergency Relief Fund. 🇺🇦— CZ 🔶 Binance (@cz_binance) February 27, 2022
Our focus is providing on-the-ground support. We just care about the people.
➡️ https://t.co/2vLFFbf5ac pic.twitter.com/vNSo9F3x7i
Binance’s official statement about charity fund launched;
In response to the Russia-Ukraine crisis, we are donating US$10 million to major Intergovernmental Organizations and NGOs to provide emergency assistance to refugees and children and to provide logistical support for refugees, such as food, fuel, and supplies.
Crypto Industry To Support Ukraine
The Ukraine Emergency Fund, started by Binance, has raised over $6 million in donations already. The fund is dedicated to helping those affected by recent natural disasters and violence in the Eastern European country of Ukraine.
FTX’s founder, Sam Bankman Fried, announced that he had donated 25 dollars worth of cryptocurrency to each user in Ukraine following the Russian war crisis.
FTX (Bahamian cryptocurrency exchange) offers advanced trading options like margin & futures trading. Unfortunately, U.S. residents can’t access them due to US-based laws that prevent them from operating within their home turf. However, another rival called FTX.US offers fewer crypto options than what you’ll find at regular FX platforms worldwide.
The CEO of Chain.com, Deepak Thapliyal, has donated 100ETH (approximately $278,000) to help fund the cause.
White commenting to BuzzFeed News, Deepak Thapliyal said;
When I realized the Ukrainian government had requested donations in the form of crypto, I felt compelled to do my part to help. Crypto donations are borderless and near-instant, so I hope that the government there can tap into it as soon as possible to help the people in need.
Vitalik Buterin, founder and inventor of Ethereum, expressed his support for Ukraine. He used the words “Victory For Ukraine” in a recent post on Twitter.
Ukraine And Donations
Ukraine is a hotbed of blockchain innovation. The country’s embrace of cryptocurrencies has made it one of the few places where you can legally trade Bitcoin or other digital currencies without fear from taxes and with their low-cost currency exchange rates combined with an abundance of talented engineers specializing in security protocols relating to this technology; today’s developments will be built here first.
Just days after Russia occupations Ukraine, the country’s official tweeter account asked for donations through cryptocurrency.
Vice Prime Minister of Ukraine, Mykhailo Fedorov, has confirmed that the call for donations was real. He asked people to “Stand with Ukraine.”
As the crisis in Ukraine continues to grow, it is becoming clear that Russia has invaded to install a puppet government. The Russian troops have already entered Kyiv, which put the democratically elected government at risk. This could result in less freedom for its citizens than ever before.