The UNHCR has received its first stablecoin crypto donation towards the organisation’s humanitarian relief support for the refugee families affected by the war crisis in Ukraine, from Binance. The charity is equivalent to $2.5 million.
According to a press release by Binance, the donation will go towards providing humanitarian, legal and social assistance, including psychosocial support and emergency shelter to the people in need, many of whom have been forced to flee Ukraine to other neighbouring countries.
“More than 10 million people have already been displaced due to the crisis. Four million people have found safety in neighbouring countries like Poland, Moldova, Romania and Hungary, while millions more have been forced from their homes but remain inside Ukraine,” Binance said in a statement.
Helen Hai, head of Binance Charity, says “Every day we see more casualties, more destruction, more lives lost. Our hearts ache for the people of Ukraine. 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, makes them an obvious choice to support as part of our $10 million in crypto donations.”
Anne-Marie Grey, executive director and CEO of USA for UNHCR said that “Binance Charity’s commitment to the families fleeing the war in Ukraine showed 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 says.
Stablecoins bridge the world of cryptocurrency and fiat currency together as their prices are tied to a reserve asset, such as the US dollar or gold. The donation is also seen as a subtle demonstration of how cryptocurrency is playing a key role in raising vital funds and providing humanitarian aid for the crisis in Ukraine.
Binance has, in total, decided to donate $10 million to help the people affected by the war crisis in Ukraine.
“Through Binance Charity, more than $4.5 million has already been donated, bringing the total amount to $7 million including the funding to USA for UNHCR. The remaining $3 million donations is being finalised and will be announced shortly,” Binance said in the press statement.
Binance Charity’s donation comes at an important time, as the UNHCR continues working with government authorities, other UN agencies, local community groups, and other partners to provide humanitarian assistance in the war-torn region.