UNHCR, the UN Agency for Refugees, has accepted its first stablecoin crypto donation of $2.5 million from the digital asset trading platform Binance which would be directed toward supporting individuals displaced from Ukraine due to the Russian invasion.
According to the blog published on the UNHCR website, the donation is intended to provide humanitarian, legal, and social assistance including psychosocial support and emergency shelter to people in need.
It is to be noted that over 10 million Ukrainians have been forced to flee from their home country since the war began. Around 4 million of them have managed to make it safely to neighboring countries like Poland, Moldova, Romania, and Hungary, while millions more have been pushed out of their homes but remain inside the war-torn nation.
Anne-Marie Grey, Executive Director and CEO of USA for UNHCR spoke on the occasion,
Binance Charity’s commitment to the families fleeing the war in Ukraine shows the innovative philanthropic power of crypto in action. This generous support will make a life-changing difference for refugees, and more importantly, it shows families that a caring and committed global community is stepping forward to help during their darkest times.
Crypto Donations to Ukraine have reached $60 Million which have been utilized by the Ukrainian government to fund everything from body armor to medical supplies. The nation sold around $770,000 of what it refers to as museum NFTs, which debuted last week that showed scenes from the war.
Alex Bornyakov, deputy minister of Digital Transformation of Ukraine said, the Ukrainian government has spent about $41 million on items such as bulletproof vests, helmets, and medical supplies to date.
Refugees set to receive more support
Meanwhile, another pledged donation will be used to help refugees. Within a few weeks, about 66,000 Ukrainians will be receiving digital wallets with $300 of crypto, thanks to a $20 million donation gathered by the Stellar Development Foundation, Bornyakov said.
Coming back to Binance’s latest relief support, its charity wing has also launched a crowd-funding platform, which has raised approximately $900K USD from the crypto community. This fund will also be allocated to humanitarian efforts.
The BUSD donation has demonstrated the vital role of cryptocurrency in securing emergency funds and providing humanitarian aid for the crisis in Ukraine.