Crypto exchange helmed by Canadian CEO donates $10 million to Ukraine

Mar 1 2022, 9:00 pm

Cryptocurrency exchange Binance is donating a minimum of $10 million to aid the humanitarian crisis in Ukraine amid Russia’s invasion.

The company, which calls itself the “world’s largest crypto exchange,” is headed by Canadian Changpeng Zhao, who was named one of the world’s richest people on the Bloomberg Billionaires Index.

The donation will be split between intergovernmental and nonprofit organizations on the ground, according to a Binance news release. This includes UNICEF, UNHCR, the UN Refugee Agency, iSans, and People in Need.

“We’re working with a number of local refugee groups who are actively working to expedite Ukrainians’ passage across the border into safety in two neighbouring countries,” Binance stated.

In addition to the donation, the company has also launched the Ukraine Emergency Relief Fund, a crowdfunding site that allows people to donate crypto. The funds will go towards providing emergency relief, food, fuel, and supplies to refugees and children.

“A donation of 16,042 BNB, with the equivalent value of $6 million, has already been made by Binance,” the company stated.

This isn’t the only instance where crypto has been used to support Ukraine. Bitcoin users have been donating millions to support Ukraine’s defence efforts against Russia.

Using cryptocurrency instead of e-transfer, cheque, or cash allows international donors to bypass financial institutions that are blocking payments to certain groups.

According to Tom Robinson, chief scientist of the blockchain analysis provider Elliptic, as of Tuesday, over $30 million in crypto has been donated to the Ukrainian government and NGOs.

Other Canadian tech companies have pledged support for Ukraine through NFT sales.

OddFutur3Ā (OF3), the makers ofĀ Luckies 8888 NFT Collection that celebrates Asian culture through its digital red pockets design, is preparing for the launch of its first NFT collection. It announced that the project will be supporting Ukrainian families impacted by the ongoing Russian invasion.

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