The war situation in Ukraine is not good. This has resulted in the entire crypto community coming together to contribute to their help. Binance has also opened an emergency fund as it donates $10M to Ukraine itself. Their goal would be to provide ground support to the people who are stuck in the war zone. The CEO of Binance tweeted about his yesterday, saying that “We just care about the people.” You can also contribute to the fund with the link provided in the tweet.
#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 🔶 BNB (@cz_binance) February 27, 2022
The Crypto industry stands with Ukraine
The $10M donated by Binance was passed to major organizations and NGOs in the country to help the citizens. Food and supplies are the biggest problems in war, and this is being dealt with with the funds. The emergency fund started by Binance, alongside its donation, has also raised $6 million already. It’s not just Binance; other crypto exchanges have come forward and tried to create a difference in their own way.
The founder of FTX, Sam Bankman Fried, announced that he donated $25 to each Ukraine user on their platform. While many people criticized him on Twitter for this, it is still a positive thing to do. I am pretty sure someone in Ukraine appreciated the step taken by Sam.
We also have the CEO of Chain.com, Deepak Thapliyal, who donated 100 Ethereum for the same. Deepak said that the government had requested donations in the form of crypto, and therefore he did his part. Since crypto donations are borderless and almost instant, they will be a great help to Ukrainian citizens.
Ukraine embraces crypto
The country is one of the few nations to make it really easy for citizens to trade and exchange cryptocurrencies. They push innovation in the same and have implemented rules that favor the crypto community. Even the government understands the benefits and potential of crypto. This is why they tweeted from the official account asking for donations in cryptocurrency to prevent intermediataries. If you wish to donate to the cause, it is a good thing, but remember to verify the address where you send your crypto.
What are your thoughts as Binance donates $10M to Ukraine? And do you think that the current situation shows how useful cryptocurrencies can be? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: Bitcoin hash rate drops from ATH amidst market uncertainties.
