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NEW DELHI: UN refugee agency, USA for UNHCR, has accepted its first stablecoin crypto donation towards the organisation’s humanitarian support for families forced to flee Ukraine to neighboring countries.
Stablecoins prices are tied to a reserve asset like the US dollar or gold.
The $2.5 million donation is from crypto exchange Binance through Binance Charity. The Binance USD (BUSD) donation is a demonstration of how cryptocurrency is playing a key role in raising funds and providing humanitarian aid for the crisis in Ukraine.
The donation will go towards providing humanitarian, legal and social assistance including psychosocial support and emergency shelter to people in need.
More than 10 million people have already been displaced due to the crisis. About four million have found safety in neighbouring countries like Poland, Moldova, Romania and Hungary, with millions more forced out of their homes but remaining in Ukraine.
“Binance Charity’s commitment to the families fleeing the war in Ukraine shows the innovative philanthropic power of crypto in action," said Anne-Marie Grey, executive director and CEO of USA for UNHCR.
Binance Charity’s donation comes at an important time as UNHCR continues working with government authorities in the region, other UN agencies, local community groups and other partners to provide humanitarian assistance 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 that we’ve been able to work with UNHCR to deliver its first BUSD crypto donation. UNHCR’s tireless efforts and second-to-none experience in assisting refugees, makes them an obvious choice to support as part of our $10 million USD in crypto donations."
This follows Binance’s $10 million commitment to help people hit by the crisis in Ukraine. Through Binance Charity, more than $4.5 million has already been donated, bringing the total to $7 million, including the funding to USA for UNHCR. The remaining $3 million donation is being finalised and will be announced shortly.
In addition to the $10 million commitment, Binance Charity has launched a crowd-funding platform, which has raised approximately $900,000 from the crypto community. This will also be allocated to humanitarian efforts.
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