Binance, a global cryptocurrency exchange, has introduced a crypto card that allows Ukrainian refugees to conduct crypto transactions and receive payments using the Binance Visa Card.
Binance announced that it is collaborating with a number of organisations, including Contis, a European banking-as-a-service platform, and the nonprofit organisations Rotary and Palianytsia, to provide refugees who are affected by the Ukrainian conflict a way to send and receive money and make purchases within the European Economic Area (EEA).
Holders of the card who are verified by their local non-profit organisations will receive financial support from Binance in the form of Binance USD (BUSD) in addition to access to crypto transactions. These users will receive 75 BUSD per month for three months, which is the suggested donation level by the UN High Commissioner for Refugees (UNHCR).
The card’s main goal, according to Helen Hai, Head of Binance Charity, is to provide a functional payment instrument to collect and spend donation because it is not a “commercial product.” As per the Hai this is a great method to show the rest of the world to realise how crypto may benefit society.
According to Hai, this is an excellent illustration of how crypto may be utilised not only for transactions but also for payment. Crypto, according to Hai, has “no borders, restrictions, does not require documentation or other difficult and lengthy bureaucratic procedures, and may produce results right now.”
Vitalik Buterin contributed $5 million in Ether (ETH) towards Ukrainian relief earlier this month. The Ethereum founder Vitalik Buterin made no public announcements while making donations. It was discovered two days later, through social media.
