Crypto exchanges across the world The Binance Visa Card allows refugees from Ukraine to perform crypto transactions and receive monies.
Binance has announced that it is collaborating with a number of organisations, including Contis, a European banking-as-a-service platform, and the nonprofit organisations 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 nonprofit organisations will receive financial support from Binance in the form of Binance USD (BUSD). The donation amount advised by the United Nations High Commissioner for Refugees is 75 BUSD per month for three months for these users (UNHCR).
Head of Binance Charity: “Its major goal is to provide a usable payment method”
Because the card is not a “commercial product,” according to Helen Hai, head of Binance Charity. Its major goal is to provide a usable payment method for receiving and spending donations. This is a crucial method for the rest of the world to see how crypto can contribute to society, according to Hai.
“The entire world can see how cryptocurrency affects our reality and the vital role it plays. Cryptocurrency is an important tool for raising funds and delivering much-needed humanitarian aid to Ukraine.”
This, Hai added, is an excellent example of how crypto can be utilised as a payment method as well as a way of transaction. Crypto, according to Hai, has “no borders, restrictions, does not require documentation or other difficult and time-consuming bureaucratic procedures, and is capable of generating results right now.”
Vitalik Buterin contributed $5 million in Ether (ETH) to help Ukraine earlier this month. While making the gifts, the Ethereum founder did not make any public declarations. It was discovered two days later, though, and attracted widespread notice on social media.