New Delhi: The United Nations refugee agency for the UNHCR, USA has accepted its first stablecoin crypto donation for the organization’s humanitarian support for families forced to flee Ukraine to neighboring countries.
Stablecoins prices are tied to reserve assets such as the US dollar or gold.
The $2.5 million donation is from crypto exchange Binance via Binance Charity. The Binance USD (BUSD) donation is a demonstration of how the cryptocurrency is playing a vital role in raising funds and providing humanitarian aid to the crisis in Ukraine.
The donation will go towards providing humanitarian, legal and social assistance including psychosocial support and emergency shelter to those in need.
More than 10 million people have already been displaced due to the crisis. In neighboring countries such as Poland, Moldova, Romania and Hungary, about 4 million people have been protected, millions of whom are forced to move out of their homes but remain in Ukraine.
Anne-Marie Gray, USA Executive Director and CEO for UNHCR, said: “Binance Charity’s commitment to war-ravaged families in Ukraine shows the innovative philanthropic power of crypto.”
Binance Charity’s donation comes at a crucial time as UNHCR continues to work with government officials, other UN agencies, local community groups and other partners in the region to provide humanitarian aid wherever possible.
Helen Hai, Head of Binance Charity, said: “Every day we see more casualties, more destruction, more lives lost. Our hearts ache for the people of Ukraine. We are proud to have made our first BUSD crypto donation to UNHCR. UNHCR’s tireless effort and secondhand experience helping refugees makes them an obvious choice to support as part of our $10 million USD in crypto donation.”
This follows Binance’s $10 million commitment to help those affected by the crisis in Ukraine. Through Binance Charity, more than $4.5 million has already been donated, bringing the total to $7 million, including funding for the UNHCR to the USA. The remaining $3 million donation is being finalized and will be announced soon.
In addition to the $10 million commitment, Binance Charity has launched a crowd-funding platform, which has raised nearly $900,000 from the crypto community. It will also be allocated for humanitarian efforts.
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