Binance Donates $10,000,000 to Ukraine, Raises Millions More in Emergency Relief Fund
Binance cryptocurrency exchange is donating millions of dollars toward assisting in the Ukrainian humanitarian relief efforts.
The cryptocurrency exchange says it is giving $10 million to those displaced after Russia invaded Ukraine last week.
The assistance will be channeled to the displaced through international and Ukrainian non-governmental organizations (NGOs), according to Binance.
“In response to this crisis, we are donating $10 million to major Intergovernmental Organizations and local NGOs on the ground to help provide emergency relief to refugees and children to support logistics on the ground such as food, fuel and supplies for refugees in countries bordering with Ukraine and more.”
Binance has also launched a crowdfunding effort known as the Ukraine Emergency Relief Fund that has so far received close to $6 million from over 200 donors. A snapshot of the donations page reveals that Bitcoin (BTC), Ethereum (ETH), Binance Coin(BNB) and Binance US dollar-pegged stablecoin (BUSD) are some of the most popular crypto assets that the donors are giving.
The donation by the giant crypto exchange coincides with blockchain analytics firm Elliptic revealing over the weekend that the Ukrainian government and NGOs had received over $20 million in cryptocurrency donations since the start of the Russian invasion.
Since Ukraine’s official Twitter account posted its crypto wallet addresses online pleading for donations, over 123 BTC and more than 1,961 ETH, worth a combined $9.9 million at time of writing, have flowed in.
According to Elliptic, Bitcoin comprises 56.4% of the cryptocurrency donations sent to the Ukrainian government and NGOs while Ethereum makes up 31.8% of the donations. Stablecoins are about 10.9% of the crypto donations.
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Featured Image: Shutterstock/Suwin
