Binance offers a crypto card to Ukrainian refugees
Binance has just launched a crypto bank card exclusively dedicated to Ukrainian refugees. In a press release published on April 26, 2022, the exchange specifies that the card is reserved for nationals of Ukraine “forced to move to countries in the European Economic Area as a result of the war with Russia”.
The card is aimed at current Binance users and newcomers. To obtain it, refugees must “use an existing account registered in Ukraine or register a new Binance account” with a domicile in the territory of Ukraine.
Thanks to the Visa-type crypto-card, people fleeing Ukraine will be able to receive payments in cryptocurrencies from their relatives and pay for their purchases throughout the European Economic Area.
The initiative is part of the Binance Charity Programwhich aims to “reduce poverty, fight inequality and protect the health of people everywhere”. This charity also supports research against the coronavirus, the creation of an earthquake relief fund in Haiti and the education of women in Afghanistan.
👉 All about Binance USD (BUSD), the stablecoin in Binance’s sprawling ecosystem
Binance wants to demonstrate the usefulness of cryptocurrencies
The platform will also offer $75 in BUSD, the stablecoin issued by Binance, monthly to refugee cardholders for a period of three months. To obtain this allowance, nationals must be “verified by local non-profit organizations”.
To this end, the exchange collaborates with NGOs such as Rotary and Palianytsia. To develop this initiative, Binance has also tied a partnership with Contisa British start-up that offers cards and payment solutions to companies.
While supporting Ukrainian refugees, the Changpeng Zhao exchange seeks to demonstrate the usefulness of cryptocurrencies. Helen Hai, head of Binance Charity, says the company wants “Blockchain works for people, solves real-world problems, and becomes a tool to connect those in need with those who want to help them”. She specifies:
“At such a difficult time for Ukraine, it is clear that cryptocurrencies are useful as they offer a fast, cheap and secure way to transfer funds to help people meet their urgent financial needs.”
This is not the first time Binance has done a gesture in support of the Ukrainian people. Shortly after the Russian invasion, the exchange platform made a donation of 10 million dollars for humanitarian aid.
Several other players in the cryptocurrency world have mobilized following the invasion of Ukraine. The platform Bitpanda notably launched the Emergency Response Funda crowdfunding platform that raises digital assets to help the people of Ukraine.
👉 Read also: Binance blocks Russian users due to European Union sanctions
Get a crypto news recap every Sunday 👌 And that’s it.