The world’s largest crypto exchange, Binance has unveiled its Refugee Crypto Card as part of humanitarian efforts for war-hit Ukrainians who have been displaced. The move is intended to enable crypto payments at designated retailers in the nations falling under the European Economic Area [EEA].
As stated in the blog, the newly launched card was created by teaming up with fintech firm Contis and would cover all current and new users from Ukraine.
Through its initiative, the charity wing of Binance is working with a host of non-profit organizations like Rotary and Palianytsia to provide crypto-based cash assistance through the Refugee Crypto Card that will facilitate relatives or acquaintances to support their loved ones.
According to the blog, verified asylum seekers who have applied for the Binance Refugee Crypto Cards will receive US$75 per month for three months as recommended donation levels by UNHCR, the UN Refugee Agency.
Also, the USD cryptocurrency will be converted to local tender automatically during the card payment.
“Getting and using a card is free. To obtain a Binance Refugee Crypto Card, refugees will need to use an existing account registered in Ukraine or register a new account using a Ukrainian home address, even if currently living in another EEA country. All users will be required to complete full KYC verification,” the blog read.
Binance’s program- An example of crypto’s good use
Helen Hai, Head of Binance Charity said that the latest measure demonstrates that blockchain can work towards solving real-world problems and can be an effective tool in bridging the gap between the facilitator and the receiver.
Ms. Hai also added that it will continue to develop initiatives, and partnerships to help the Ukrainian people and aid those suffering from conflicts around the world.
Previously as reported by TronWeekly, Binance pledged $10 million to support displaced children and families in Ukraine and its neighboring countries. This includes providing shelter, food, safe drinking water, medical supplies, cash assistance, and psychological counseling to those affected.
Besides that, it created a cryptocurrency crowdfunding site “Emergency Assistance Fund for Ukraine” so that people from all over the world could donate cryptocurrency to support the nation. So far, the crypto provider has raised about $1million.