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The largest cryptocurrency exchange worldwide, Binance, has donated $10 million to Ukraine in the wake of the recent Russian invasion. This contribution to the war relief in Ukraine is just one of the many initiatives coming from the crypto industry. Moreover, donations continue to pour into the country’s crypto wallets as the conflict escalates.
Binance Alleviates Ukraine’s War Costs
Almost all the financial markets in the world have taken a dip as soon as Russia invaded Ukraine last week. The crypto market did not make an exception as many people soon preferred to swap crypto for fiat. However, as the shock waves faded, some industry members realized that crypto-assets may be more practical in this crisis.
Binance was one of the first crypto giants to react with a $10 million donation to Ukraine. The company’s CEO, CZ, said on Twitter:
Our focus is providing on-the-ground support. We care about the people.
Furthermore, the exchange has launched a crypto-first crowdfunding Ukraine Emergency Relief Fund. Donations landing in this pool should assist the many refugees escaping the country. For instance, these crypto funds can buy them food, fuel, shelter, and other supplies. At the time of writing, the fund had already accumulated over $6.4 million in contributions.
This is not the first time that Binance donates crypto to globally-impacting contingencies. In 2020, the company donated $1 million in crypto to Australia’s bushfire relief.
Other Crypto Donors for Ukraine
Binance is not the only crypto company eager to help Ukraine overcome this humanitarian crisis. For instance, FTX’s founder, Sam Bankman Fried, donated $25 in cryptocurrency to each Ukrainian user of the Bahamian exchange.
Additionally, the CEO of Chain.com, Deepak Thapliyal, has donated 100ETH to help the people of Ukraine. In an interview with BuzzFeed News, he said:
When I realized the Ukrainian government had requested donations in the form of crypto, I felt compelled to do my part to help. Crypto donations are borderless and near-instant, so I hope that the government there can tap into it as soon as possible to help the people in need.
Why Crypto Donations Matter
In recent years, Ukraine has taken a progressive approach towards cryptocurrencies. Long before the Russian aggression, the country was among the few states supporting legal Bitcoin trades. Furthermore, many of its citizens embraced crypto use, together with its opportunities and benefits.
This approach towards cryptocurrency has enabled Ukraine to benefit from the industry’s unexpected yet laudable help. For instance, a day after Russia invaded, the country’s official Twitter account posted wallet addresses for crypto donations. This way, it attracted over $4 million in crypto funds for the Ukrainian army.
If Ukraine had dismissed cryptocurrency, as other states still do, it could have never benefitted from these war relief donations. Most importantly, if Ukraine should come out on top of this conflict, many will remember crypto as a victory-boosting tool. Hopefully, this will accelerate the mainstream adoption of cryptocurrencies worldwide.