Binance, a global cryptocurrency exchange, has introduced a crypto card that allows Ukrainian refugees to conduct crypto transactions and receive payments using the Binance Visa Card.
Binance announced that it is collaborating with a number of organizations, including Contis, a European banking-as-a-service platform, and the nonprofit organizations Rotary and Palianytsia, to provide refugees affected by the Ukrainian conflict with a way to send and receive money and make purchases within the European Economic Area (EEA).
Beneficiaries of the card who are verified by their local non-profit organizations will receive financial support from Binance in the form of Binance USD in addition to access to crypto transactions (BUSD).
These users will receive 75 BUSD per month for three months, which is the suggested donation level by the UN High Commissioner for Refugees (UNHCR).
The card’s main goal, according to Helen Hai, Head of Binance Charity, is to provide a functional payment instrument to collect and spend gifts because it is not a “commercial product.” This, according to Hai, is a crucial method for the rest of the world to realize how crypto may benefit society.
“The whole world is able to observe the important role which cryptocurrency plays, and how it transforms our reality. It is cryptocurrency that plays a key role in raising vital funds and providing much-needed humanitarian assistance to Ukraine.”
This, according to Hai, is an excellent illustration of how crypto may be utilized not only for transactions but also for payment. Crypto, according to Hai, has “no borders, restrictions, does not require documentation or other difficult and lengthy bureaucratic procedures, and may produce results right now.”
Vitalik Buterin contributed $5 million in Ether (ETH) towards Ukrainian relief earlier this month. While making the gifts, the Ethereum founder made no public announcements. It was discovered two days later, though, and attracted widespread notice on social media.
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