Donations totaling $10 million have been made to Binance. Because it has a variety of advantages over banks and other methods of money transfer, which are sluggish, expensive, and often limited and controlled, crypto has emerged as the method of choice for fundraising and gifts.
In a flurry of social media calls over the weekend, the Ukrainian government urged the crypto community to pledge assistance. On Saturday, Vice Prime Minister and Minister of Digital Transformation Mykhailo Fedorov shared three cryptocurrency contribution addresses.
On Sunday, he asked crypto exchanges to block Russian users.
“I’m asking all major crypto exchanges to block addresses of Russian users. It’s crucial to”
“freeze not only the addresses linked to Russian and Belarusian politicians,”
“but also to sabotage ordinary users.”
Since the Russian invasion began last week, the crypto community has responded by donating nearly $19 million in digital assets.
On February 27, Reuters reported a total of $8 million, but Elliptic, a blockchain analytics business, has updated its data as of February 27, 23:50 UTC. The Ukrainian government has already received a total of $18.9 million, the majority of which came in the last two days as a result of Mr. Fedorov’s request.
Over the last 24 hours, the amount received has nearly doubled.
Donations totaling $10 million have been made to Binance.
So, Binance, the world’s largest cryptocurrency exchange, has contributed $10 million to the cause. On February 27, the firm announced the project, claiming that:
“The donation will be split between major intergovernmental organizations and nonprofit organizations”
“already on the ground, including UNICEF, UNHCR, the UN Refugee Agency, iSans and People in Need,”
“to help support displaced children and families in Ukraine and its neighboring countries.”
Also, The Ukraine Emergency Relief Fund has set up a crypto contribution web platform. It had garnered 156 BTC worth roughly $5.8 million from 214 donors at the time of writing. Lastly, Binance announced a donation of slightly over 16,000 BNB coins to the cause.
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