Binance has launched a crypto Visa card for Ukrainian refugees. The card will be used to make direct donations to Ukrainian refugees. Binance also released a $10M fund to support Ukrainian refugees.
Crypto exchange giant Binance has unveiled a cryptocurrency card that will allow Ukrainian refugees to use the Binance Visa card to make cryptocurrency transactions and receive funds.
This is the latest effort by Binance to help Ukrainians following the conflict caused by the Russian invasion. Binance had earlier announced a $10M fund to go to a charity supporting Ukrainian refugees.
Binance card for Ukrainian refugees
Binance has announced a partnership with several entities, including Contis, Rotary and Palianytsia. Contis is a banking-as-a-service platform, while Rotary is a non-profit organization. The partnership between the three entities will give Ukrainian refugees fleeing the country a chance to make financial transactions easily.
With the Binance card, it will be possible for Ukrainian refugees to send and receive money. The card will also allow them to buy goods and services within the European Economic Area (EEA).
Besides accessing cryptocurrency transactions, the Ukrainian refugees who access the card and who have been authenticated by local non-profit organizations will get financial support from Binance. The support will be given in Binance USD (BUSD).
Users will receive 75 BUSD every month for three months. This is the amount recommended by the United Nations High Commissioner for Refugees (UNHCR). The exchange has also clarified that the card will not be a payment instrument, but it will only be used to send and receive cryptocurrency donations.
Helen Hai, the Head of Binance Charity, has said that the card will not be a “commercial product.” The card will allow the world to see how cryptocurrencies can transform society.
“The whole world is able to observe the important role which cryptocurrency plays and how it transforms our reality. Cryptocurrency plays a key role in raising vital funds and providing much-needed humanitarian assistance to Ukraine,” Hai added.
The executive also added that the initiative to create a Binance card for Ukrainian refugees was an example of how digital assets can be used as a means of payment. She added that unlike other forms of assets, crypto had “no boundaries, restrictions, does not require documents and other complex and lengthy bureaucratic procedures, and is capable of producing results here and now,” she added.
Crypto donations toward Ukraine
At the beginning of this month, the Ethereum co-founder, Vitalik Buterin, made a $5 million worth of Ether (ETH) donation for Ukrainian aid. The Ethereum co-founder did not issue any formal donation announcement, but the transaction was identified two days after it was made.
So far, more than $100 million has been donated to Ukraine to aid the country amid the ongoing conflict. During the onset of the war, Ukraine’s Vice Prime Minister published three official wallet addresses that could be used to donate multiple cryptocurrencies.
The Ukrainian military has already benefited from part of the cryptocurrency donations. The donated cryptocurrencies have been used to buy military supplies such as food supplies and uniforms. Besides digital tokens, the Ukrainian government has also received donations in NFTs.