Binance is offering a crypto bank card to Ukrainian refugees fleeing the Russian invasion. The cryptocurrency exchange platform has also pledged to pay $75 in BUSD stablecoin into the cardholders’ account every month for a period of three months. With this initiative, Binance wants to demonstrate the usefulness of crypto-currencies.
Binance offers a crypto-card to Ukrainian refugees
Binance has just launched a crypto bank card exclusively dedicated to Ukrainian refugees. In a statement released this April 26, 2022, the exchange says the card is reserved for nationals of Ukraine “forced to move to European Economic Area countries as a result of the war with Russia.”
The card is intended for both current Binance users and newcomers. To obtain it, refugees must “use an existing account registered in Ukraine or register a new Binance account” with a domicile located on Ukrainian territory.
With the Visa-like crypto card, people fleeing Ukraine will be able to receive cryptocurrency payments from their relatives and pay for purchases throughout the European Economic Area.
The initiative is part of the Binance Charity program, which aims to “reduce poverty, fight inequality and protect the health of people everywhere.” The charity also supports coronavirus research, the creation of an earthquake relief fund in Haiti and women’s education in Afghanistan.
Binance wants to demonstrate the usefulness of crypto-currencies
The platform will also offer $75 in BUSD, the Binance-issued stablecoin, every month to card-holding refugees for a period of three months. In order to get this stipend, nationals must be “verified by local nonprofit organizations.”
To this end, the exchange is collaborating with NGOs such as Rotary and Palianytsia. To develop this initiative, Binance has also partnered with Contis, a British start-up that offers cards and payment solutions to businesses.
While supporting Ukrainian refugees, Changpeng Zhao’s exchange seeks to demonstrate the usefulness of cryptocurrencies. Helen Hai, head of Binance Charity, says the company wants “blockchain to work for people, solve real-world problems and become a tool to connect those in need with those who want to help them.” She elaborates:
“At such a difficult time for Ukraine, it is clear that cryptocurrencies are useful because they offer a fast, cheap and secure way to transfer funds to help people meet their urgent financial needs.”
This is not the first time Binance has made a move in support of the Ukrainian people. Shortly after the Russian invasion, the exchange platform made a $10 million donation to humanitarian aid.
Several other players in the cryptocurrency world have mobilized following the invasion of Ukraine. In particular, the Bitpanda platform launched the Emergency Response Fund, a participatory funding platform that allows people to raise digital assets to help the Ukrainian population.
