Binance is offering a crypto-banking 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 on 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 open to both existing 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 programme, which aims to “reduce poverty, tackle inequality and protect the health of people everywhere”. The charity also supports research into the coronavirus, the creation of an earthquake relief fund in Haiti and women’s education in Afghanistan.
Binance wants to demonstrate the value of cryptocurrencies
The platform will also offer $75 in BUSD, the stablecoin issued by Binance, every month to refugees holding the card for a period of three months. To get the allowance, nationals must be “verified by local non-profit organisations”.
To this end, the exchange is working 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.
As well as supporting Ukrainian refugees, Changpeng Zhao’s exchange is seeking 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 says:
“At such a difficult time for Ukraine, it is clear that cryptocurrencies are useful as 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 gesture 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 took action following the invasion of Ukraine. The Bitpanda platform, for example, launched the Emergency Response Fund, a crowdfunding platform that raises digital assets to help the Ukrainian people.
