HomeNEWSBinance Donates $10 Million In Relief Funds For Ukranians, Launches Crypto-based Crowdfund

Binance Donates $10 Million In Relief Funds For Ukranians, Launches Crypto-based Crowdfund

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Amid the present political and military unrest in Ukraine, world-leading crypto exchange Binance donates $10 million in financial support to Ukrainians via its Binance Charity Foundation. The exchange made the announcement in a blog post on Sunday, revealing the details of the decision.

Binance Donates $10 Million, Collaaborates With International Organizations

According to the announcement, the donation will be shared between international organizations and charities already on ground in Ukraine. With some of these organizations (including UNHCR, UNICEF, and UN Refugee Agency) already operating in the area, Binance would be hoping to add more relief for Ukrainians who have been displaced from their homes and around its neighboring countries.

Also as part of its efforts, Binance launched a crypto-based crowdfunding site it calls the Ukraine Emergency Relief Fund. On this site, people from all over the world can make crypto donations to the humanitarian cause. Meanwhile, as a show of example, Binance has already kick-started the crypto donations with 16,042 BNB of its own. That is approximately $5.7 million as at the time of publishing this report.

Speaking about the decision, the founder and CEO of the crypto exchange, Changpeng Zhao said in a statement:

“Watching this conflict escalate over the past four days has shocked our community to its core. We are proud to have been able to quickly rally our network to provide relief and support on the ground to those in need.”

Building On The Present Partnerships

Interestingly, there’s an ongoing partnership between Binance Charity and UNICEF via its Luxembourg Committee. This is as a result of working together to provide assistance following the Beirut Explosion and to support COVID-19 global vaccination efforts (COVAX). But as Binance confirms, “Our latest donation will go toward protecting the welfare of Ukraine’s 7.5 million children.”

Without a doubt, needs of children and families will be on the rise, even as the conflict continues to escalate. However, with UNICEF’s current actions which includes strategic positioning of critical supplies, child protection, and providing safe drinking water among others, Binance will leverage its present partnership with UNICEF to ensure that its decision to help Ukraine is smoothly and effectively carried out.

Since its inception in 2018, Binance Charity has donated no less than $10 million to support projects.

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