World's Largest Crypto Exchange Binance Donates Crypto Worth $2.5 Million To UN For War-Hit Ukraine

For the first time, the United Nations Refugee Agency, United Nations High Commissioner for Refugees (UNHCR), has accepted stablecoin crypto donation for its relief efforts in war-torn country of Ukraine. The donation is from world¡¯s largest crypto exchange Binance.

Binance reportedly said in a statement that it has donated the equivalent of $2.5 million in BUSD (Binance USD) through Binance charity. BUSD is a stablecoin developed in a collaboration between New York-based trading and custody platform Paxos and Binance.

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Stablecoins aim to bridge the world of cryptocurrency and fiat currency together as their prices are tied to a reserve asset like the US dollar or gold.

"The donation will go towards providing humanitarian, legal and social assistance including psychosocial support and emergency shelter to people in need," the statement noted.

Part Of Binance¡¯s $10M Commitment

This is the latest donation following Binance¡¯s $10 million USD commitment to help people impacted by the crisis in Ukraine.

Through Binance Charity, more than $4.5 million has already been donated, bringing the total amount to $7 million including the funding to the USA for UNHCR. The remaining $3 million USD donation is being finalised and will be announced shortly, as per UN refugee agency.

As per Binance¡¯s statement "In addition to the $10 million commitment, Binance Charity launched a crowd-funding platform, which has raised approximately $900K USD from the crypto community. This money will also be allocated to humanitarian efforts."

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Statement By UNHCR & Binance

Commenting on the development of crypto donation to Ukraine, Anne-Marie Grey, Executive Director and CEO of USA for UNHCR, said, "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 families forced to flee, and more importantly, it shows families that a caring and committed global community is stepping forward to help during their darkest times," she added.

Meanwhile, Helen Hai, Head of Binance Charity, said, "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."

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