Binance has donated its first stablecoin crypto gift to the United Nations Refugee Agency, the United Nations High Commissioner for Refugees (UNHCR), for its humanitarian operations in war-torn Ukraine, according to a statement. Binance charity has received the equivalent of $2.5 million in BUSD from the cryptocurrency exchange. BUSD is a stablecoin developed by Paxos, a trading and custody platform based in New York, and Binance. Because their prices are pegged to a reserve asset like the US dollar or gold, stablecoins connect the worlds of cryptocurrency and fiat currency.
«The donation will go towards providing humanitarian, legal and social assistance including psychosocial support and emergency shelter to people in need,» the statement noted.
The Ukraine crisis has already forced more than 10 million people to flee their homes. Approximately four million people have sought refuge in neighboring nations including Poland, Moldova, Romania, and Hungary, while millions more have been displaced yet remain in Ukraine. Following Binance’s $10 million commitment to support those affected by the Ukraine situation, this is the most recent donation. More than $4.5 million has already been contributed through Binance Charity, bringing the entire sum to $7 million, including money for UNHCR in the United States. The final $3 million donations are being finalized and will be publicized as soon as possible.
«In addition to the $10 million commitment, Binance Charity launched a crowd-funding platform, which has raised approximately $900K USD from the crypto community. This money will also be allocated to humanitarian efforts,» the statement shared.
Commenting on the development Anne-Marie Grey, Executive Director and CEO of USA for UNHCR, said,
«Binance Charity’s commitment to the families fleeing the war in Ukraine shows the innovative philanthropic power of crypto in action.» «This generous support will make a life-changing difference for families forced to flee, and more importantly, it shows families that a caring and committed global community is stepping forward to help during their darkest times,» she added. https://twitter.com/WatcherGuru/status/1511577478896177157
Meanwhile, Helen Hai, Head of Binance Charity commented,
«We are proud that we’ve been able to work with UNHCR to deliver its first BUSD crypto donation. UNHCR’s tireless efforts and second-to-none experience in assisting refugees make them an obvious choice to support as part of our $10 million USD in crypto donations.»
Binance Charity’s donation comes at a time when the UNHCR is coordinating humanitarian aid in Ukraine with US government officials, other UN agencies, local community groups, and other partners.
