Binance

Binance donates $2.5 million in crypto to help Ukrainian children

Binance donates $2.5 million in crypto to help Ukrainian children

Binance has just made a donation to help Ukrainian children in their country’s ongoing war against Russia, joining a growing wave of individuals within the crypto ecosystem who are donating money and taking a stand for the fight against the country.

Binance Charity, the non-profit charitable arm of Binance, announced a donation of $2.5 million in cryptocurrency to UNICEF. The aim is to help cover the expenses of the organization as it supports Ukrainian children and families who have been affected by the war.

Binance and UNICEF join forces to help Ukrainian children

In one official statement, UNICEF thanked Binance for its contribution, assuring that the money arrived at the right time, as the escalation of the armed conflict deeply affects the population.

The advance of Russian troops and attacks on various infrastructure points have affected the lives of people in northern Ukraine. Ukraine’s president’s calls for civilians to join the militia and his restrictions on regional cash flow have also failed to improve the situation for those living in conflict zones.

UNICEF efforts focus on water supply, education and child protection; promote health and hygiene assistance to communities; work with Ukrainian regional governments to support their community support programs; and support mobile teams providing child protection services.

Chanpeng Zhao, CEO of Binance, shared his willingness to continue providing financial assistance to charitable initiatives in partnership with UNICEF:

We are grateful for our continued collaboration with UNICEF, which, with the support of the Binance community, is providing emergency relief to help alleviate some of the suffering these children and their families face.

The World’s First Crypto War

The issue of the Russian-Ukrainian war has had significant repercussions in the cryptocurrency universe to the point that it has been called the world’s first “crypto war”.

On the Ukrainian side, the government itself has started accepting donations of Bitcoin, Ethereum and stablecoins in an attempt to increase its wartime budget. Quickly, Ukrainian wallets scaled up to accept other altcoins such as Polkadot and Dogecoin, eventually reaching several million dollars in funds.

Among these funds, Ukraine has already spent $15 million on military equipment. There is no information on expenditure allocated to humanitarian work.

On the other hand, much has been speculated about the possibility of Russia turning to cryptocurrencies as a means of circumventing sanctions imposed by the United States and its allied countries.

However, there was no official announcement about it, and CZ himself insured that it was nearly impossible for Russia to effectively use cryptocurrencies to keep its economy afloat:

“The truth is that crypto is too small for Russia. If we look at crypto adoption today, there’s probably around 3% of the world’s population with some kind of crypto exposure (i.e., owning crypto). Of these, most only have a small percentage of their net worth in crypto. Less than 10% on average. Thus, there is probably only less than 0.3% of global net worth in crypto today. This percentage also applies to Russia.

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