Changpeng Zhao, the CEO of the Binance trading platform, has expressed his company’s desire to participate in Ukraine initiatives. Indeed, he announced on Twitter that Binance had made a donation of $10 million. The money will be used to provide humanitarian aid to the civilian population. To date, this is the largest payment made by a cryptocurrency and blockchain player.
Binance makes humanitarian donation to Ukraine
The cryptocurrency and blockchain world continues to support Ukraine through donations. If these were originally intended for the armed forces, it is now the aid to the civilian population that is put forward.
For example, Changpeng Zhao, the CEO of Binance, announced on Twitter that his company had donated $10 million to humanitarian aid in Ukraine.
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 Binance (@cz_binance) February 27, 2022
It was not specified where exactly this money would go. But it is likely to be traditional humanitarian aid, such as the purchase of food or the provision of fuel.
Cryptocurrency industry helps Ukraine
This $10 million donation is not the only one that Binance wants to make. Indeed, the platform has launched a participatory financing called Ukraine Emergency Relief Fund. The goal is to raise $20 million in Bitcoin (BTC) to help the civilian population that has stayed behind or taken refuge in neighbouring countries.
Binance Donates $10M for Humanitarian Aid in Ukraine ❤️
The whole world with Ukraine
Kyiv StopPutin StayWithUkraine pic.twitter.com/0Z7GVnlfj5
– 6elatin (@6elatin) February 27, 2022
Since its invasion by the Russian army last Thursday, international support for Ukraine has increased. The digital assets and blockchain sector has fully participated in this solidarity action. In fact, the Ukrainian government is now accepting donations in cryptocurrencies.
The founder of the Ethereum blockchain (ETH), Vitalik Buterin, who holds both Russian and Canadian citizenship, has strongly condemned Russia’s incursion. In addition, a Decentralised Autonomous Organisation (DAO), called Ukraine DAO, has also been launched in support of Ukraine.
This is an important show of solidarity for the industry, as some thought that cryptocurrencies would only be useful to allow Russia to escape international sanctions. So we see that this is far from being the case.
