Binance donates $10 million to Ukraine and launches emergency fund
It is no surprise that international support for Ukraine continues to grow after the invasion by Russia.
After Russia invaded Ukraine, experts from every sector began to worry about worse cases. For instance, cybersecurity experts began to answer as a global cyberwar is about to unfold† The cryptocurrency industry has not stood still either.
Binance, the world’s largest crypto exchange by volume, has announced a $10 million donation to Ukraine. Also launching an emergency fund for the affected country. On his Twitter account, CEO CZ noted:, “Our focus is on providing on-site support. We care about the people.”
Our focus is on providing on-site support. We only care about the people.
— CZ 🔶 Binance (@cz_binance) February 27, 2022
Related literature | Help for Ukraine
Binance’s official statement on the launch of the charitable fund;
In response to the crisis between Russia and Ukraine, we are donating $10 million to major intergovernmental organizations and NGOs to provide emergency relief to refugees and children and to provide logistical support to refugees, such as food, fuel and supplies.
Crypto Industry Supporting Ukraine
The Ukraine Emergency Fund, started by Binance, has already raised more than $6 million in donations. The fund is intended to help those affected by recent natural disasters and violence in the Eastern European country of Ukraine.
FTX founder Sam Bankman Fried announced that he donated $25 worth of cryptocurrency to every user in Ukraine after the Russian war crisis.
Bitcoin Trying to Break the $40,000 Support | Source: BTC/USD chart on Tradingview.com
FTX (Bahamian cryptocurrency exchange) offers advanced trading options such as margin and futures trading. Unfortunately, US residents cannot access it due to US-based laws that prevent them from operating on their own property. However, another rival called FTX.US offers fewer crypto options than what you will find on mainstream FX platforms worldwide.
Related literature | Cryptocurrency Prices Rise Amid the Possibility of Russia-Ukraine Talks
The CEO of Chain.com, Deepak Thapliyal, has donated 100ETH (about $278,000) to help fund the charity.
White Responds to BuzzFeed News, Deepak Thapliyal said†
When I realized that the Ukrainian government had asked for donations in the form of crypto, I felt compelled to do my part. Crypto donations are limitless and almost instantaneous, so I hope the government can take advantage of that as soon as possible to help the people in need.
Vitalik Buterin, founder and inventor of Ethereum, expressed his support for Ukraine. He used the words “Victory for Ukraine” in a recent message on Twitter.
Ukraine and donations
Ukraine is a hotbed of blockchain innovation. The country’s embrace of cryptocurrencies has made it one of the few places where you can legally trade Bitcoin or other digital currencies without fear of taxes and with their cheap exchange rates coupled with a plethora of talented engineers who specialize in security protocols related to to this technology; today’s developments will be built here first.
Just days after Russia occupied Ukraine, the country’s official tweeter account asked for donations via cryptocurrency.
Deputy Prime Minister of Ukraine, Mykhailo Fedorov, has confirmed that the call for donations was real. He asked people to “stand up to Ukraine”.
As the crisis in Ukraine continues to grow, it is becoming clear that Russia has invaded to install a puppet government. Russian troops have already invaded Kiev, endangering the democratically elected government. This could lead to less freedom for its citizens than ever before.
Featured image from Pixabay, chart from TradingView.com