TL;DR Breakdown
- Binance has launched a crypto card for Ukrainian Refugees
- The product will enable its users to make and receive payments using cryptocurrencies.
- Cryptocurrency, a solid support tool for Ukraine.
Binance, the world’s biggest crypto exchange platform, has unveiled a crypto card for refugees from Ukraine. The new product, which was introduced this morning on the company’s website, is designed to allow its users to conduct crypto transactions and make payments at retail stores in the European Economic Area(EEA).
Binance collaborated with major banking as-a-service provider Pontis to create the Binance Refugee Crypto Card. The crypto platform charity branch plans to collaborate with several charitable groups to make this available to the many Ukrainians who have been forced to evacuate their homes owing to the ongoing conflict with Russia.
On February 24, 2022, the Russian armed forces, on orders of President Vladimir Putin, invaded the Donetsk and Luhansk regions of Ukraine. This occurred as a result of Russia’s designation of Ukraine – with which the country shares a border – as a threat, owing to Ukraine’s perceived inclination toward the Western powers. Since then, both countries have been embroiled in a terrible conflict
Like all wars, there has been loss of lives, and properties and many citizens have had to flee their homes for their safety. According to Wikipedia, 5.2 million Ukrainians have left to neighboring European countries seeking refuge, while an additional 7.1 million citizens have been internally displaced.
International governments and businesses have thrown their support behind Ukraine, expressing their utter displeasure with Russia’s invasion, viewing it as an effort to control the decisions of a sovereign nation.
Binance’s crypto card joins the crypto community support of Ukraine in the war
Binance’s Refugee Crypto Card adds to the company’s long-standing support for Ukrainians. Aside from being able to perform crypto transactions with the card, refugees will also be eligible for financial support of 75 BUSD each month for three months, as proposed as the donation amount by the United Nations High Commissioner for Refugees (UNHCR).
Since the beginning of the war, cryptocurrency and other digital assets have proven to be a highly significant help to the Ukrainian efforts. As of March 23, the eastern European country has received over $60 million(€55 million) in crypto donations per a report by euronews.next.
On March 29, the nation’s ministry of digital transformation launched the non-fungible token project “Meta History: Museum war” to raise money for the war. The initiative sold 1,200 digital pieces on the first day, generating over $600,000. These funds will be used to reconstruct infrastructure that has been damaged as a result of the conflict.
