It has been two months since the commencement of Russia’s invasion of Ukraine, and so much has happened while the rest of the world watches from a distance.
However, amidst all of these events, two things have remained constant – firstly, Russia has been subject to immense criticism and multiple economic sanctions. Secondly, Ukraine has attracted sympathy from well-intentioned countries around the world, and has continued to receive aid both financial and humanitarian.
Cryptocurrency has continued to play a significant, yet neutral role in the ongoing Russian-Ukraine war. It has functioned as a tool to help Russia avoid the restrictions imposed on her economy, but had also been used to help Ukraine, which has been received invaluable cryptocurrency aid, the current total value of which surpasses $140 million.
Binance Issues Crypto Card to Ukrainian Refugees
Interestingly, cryptocurrency’s role in the ongoing war has been a constant, and this is evident from Binance’s latest humanitarian efforts which are being channeled towards helping Ukrainian refugees.
In its latest endeavor, the global crypto exchange has reportedly launched a crypto card that allows refugees from Ukraine to transact and receive crypto through the Binance Visa Card.
While Binance is not alone in this, the global crypto exchange is reportedly working with several other entities, including Contis (a European banking-as-a-service platform), and Rotary & Palianytsia (a non-profit organization) to facilitate the effort.
According to various sources, these partners will provide Ukrainian refugees affected by the ongoing invasion with different means of sending and receiving funds to make purchases within the European Economic Area (EEA).
In addition to gaining accessibility to crypto transactions, Ukrainian cardholders who have been verified by their local no-profit organizations will also receive financial support directly from Binance. As such, each person qualified will receive a relief fund in the form of 75 Binance USD (BUSD) over the next three months.
Speaking to a reliable source, Binance’s Head of Charity Helen Hai revealed that, while the card is not “a commercial product” the main purpose is to provide a functional payment instrument to enable the receiving and sending of donations.
Hai went on to underline that the newly-issued card is another practical example of how cryptocurrency can play a relevant role in society.
“The whole world is able to observe the important role which cryptocurrency plays, and how it transforms our reality. It is cryptocurrency that plays a key role in raising vital funds and providing much-needed humanitarian assistance to Ukraine,” she explained.
Hai is optimistic about the limitless possibilities that cryptocurrencies offer, noting that it has “no boundaries, restrictions, does not require documents nor other lengthy complex bureaucratic procedures, and is capable of producing results here and now.”
What Binance Visa Card Means for Humanitarian Efforts Around the World
Without a doubt, Binance is not the only organization that is providing aid in cryptocurrency. However, by providing a dedicated card, Binance is able to provide help directly to those who need it.
Interestingly, since it is a Visa card, organizations seeking to provide aid in cryptocurrency will be able to partner with Binance to do so.
So far, Binance is yet to confirm whether the card will be available outside of the European region; nonetheless, if the cards could reach people in other parts of the world who are in need of similar support, it could be a life changer.