UNHCR Receives $2.5M Worth of BUSD from Binance Charity
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Binance, the largest cryptocurrency exchange globally by trading volumes, has donated the first stablecoin to the United Nations Refugee Agency, the UN High Commissioner for Refugees (UNHCR).
The stablecoin donated to the UNHCR will aid in the humanitarian efforts in Ukraine. This is an addition to the long list of crypto donations pouring into Ukraine. Since the Ukraine war began, millions of dollars have been donated to the Ukrainian government, its military and charity organizations in the country.
Binance donates $2.5M BUSD to UNHCR
Binance charity has received a donation of $2.5 million worth of BUSD. BUSD is a stablecoin created by Paxos and Binance. The stablecoin, like many others, is pegged to the value of an underlying reserve such as the US dollar or gold. Stablecoins have become increasingly popular because they facilitate transactions between cryptocurrencies and fiat currency.
The CEO of USA for UNHCR, Annie-Marie Grey, said that “Binance Charity's commitment to the families fleeing the war in Ukraine shows the innovative philanthropic power of crypto in action. This generous support will make a life-changing difference for families forced to flee, and more importantly, it shows families that a caring and committed global community is stepping forward to help during their darkest times.”
The crisis in Ukraine has forced over 10 million people to leave their homes. Around four million of these people are currently seeking to be refugees in neighbouring countries such as Hungary, Poland, Moldova and Romania. Millions of people are still in Ukraine, but the majority has been displaced from their home because of the crisis.
This is the latest donation that has flowed into Ukraine. Binance Charity has been actively committed to helping Ukrainians deal with the ongoing humanitarian crisis. So far, over $4.5 million worth of cryptocurrencies have been donated through Binance Charity. The entire sum that has been donated through the initiative sits at $7 million. The remaining $3 million worth of donations will be donated soon, and Binance will issue a statement.
“Every day, we see more casualties, more destruction, more lives lost. Our hearts ache for the people of Ukraine. We are proud that we've been able to work with UNHCR to deliver its first BUSD crypto donation. UNHCR's tireless efforts and second-to-none experience in assisting refugees make them an obvious choice to support as part of our $10 million USD in crypto donations,” said Helen Hai, the Head of Binance Charity.
Crypto donations toward Ukraine
Binance is not the only player in the cryptocurrency space that has donated to Ukraine to aid humanitarian efforts. A recent report from Bloomberg has said that the Ukrainian government has received over $60 million worth of cryptocurrencies donations, out of which $41 million has been used to buy supplies for the military.
During the first week of the war, the Ukrainian government provided official wallet addresses that people could use to make crypto donations. The founder of Polkadot, Gavin Wood, announced donating $5.8 million to Ukraine. The founder of the Tron network also made a $200,000 personal donation after requesting for a Tron wallet address to be provided.
A Bored Ape NFT was also donated to the country. Non-fungible tokens (NFTs) have become increasingly popular over the past year. Bored Apes are the most valuable NFTs, with some valued at millions of dollars.
The Ukrainian government is also looking toward raising more funds through an NFT drop. The country is planning to release an NFT collection that will depict the occurrences of the war. The NFTs will represent each Ukrainian citizen.