Binance Launches Relief Fund For Ukraine After $10M Donation
Following Russia’s attack on Ukraine, the crypto community and various platforms have donated funds running into millions of dollars for the people of Ukraine.
However, specialists from many sectors are now concerned about the possibility of worse situations. For instance, cybersecurity experts have begun to speculate on whether global cyber warfare is likely to erupt. The crypto sector hasn’t been idle either, with several analysts releasing price predictions after the market suffered a huge setback.
Binance, the largest digital currency exchange platform by volume globally, has declared a $10 million contribution to Ukraine. In addition, the crypto firm has also established an emergency fund for the nation. “Our priority is delivering support and help. We are concerned about the welfare of its citizens,” the CEO of the exchange said on Twitter.
#Binance is donating $10M to help the humanitarian crisis in Ukraine & @BinanceBCF launched the crypto-first crowdfunding Ukraine Emergency Relief Fund. 🇺🇦
Our focus is providing on-the-ground support. We just care about the people.
➡️ https://t.co/2vLFFbf5ac pic.twitter.com/vNSo9F3x7i
— CZ 🔶 Binance (@cz_binance) February 27, 2022
The official statement from Binance concerning the charity fund stated;
“We are providing US$10 million to key intergovernmental agencies and Non-Governmental Organizations (NGOs) after the Russia-Ukraine crisis to offer emergency aid to evacuees and children, as well as logistical help for evacuees, such as fuel, food, and supplies.”
Cryptocurrency Industry Offer Financial Aid To Ukraine
Binance’s Emergency Fund for the country has already received roughly $6 million. The fund is committed to assisting individuals who have been impacted by recent natural calamities and conflict in Ukraine, a country in Eastern Europe.
Amidst the Russian conflict situation, the creator of FTX, Sam Bankman, stated the platform had contributed $25 worth of crypto to every user in the country.
Deepak Thapliyal, a senior executive at Chain.com, has given 100ETH (roughly $279,000) to the cause. Thapliyal, in a statement to BuzzFeed, said:
“I felt motivated to contribute after the Ukrainian authority had solicited cryptocurrency donations. Since cryptocurrency donations are instant and without borders, I hope the authorities can use it to assist those in need.”
Donations To Ukraine
Ukraine is a hub for blockchain development. With the low-cost exchange rates and abundant skilled engineers in blockchain technology, the country is a good place for crypto traders.
A few days after the Russian attack on Ukraine, the Twitter Page of the country made a post soliciting financial aid in the form of cryptos. Mykhailo Fedorov, Ukraine’s Vice Prime Minister, verified that the appeal for funds was genuine. He has urged the world community to “Support Ukraine,” and there has been a positive response from the global community.
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