According to a press statement, the UN Refugee Agency, USA for UNHCR, has accepted its first stablecoin crypto donation for relief work. Through Binance Charity, Binance gave the equivalent of $2.5 million in BUSD, highlighting the critical role of cryptocurrency in providing humanitarian help and securing important funding.
Binance USD, or BUSD, is a stablecoin. Because the assets are fixed to the US dollar, stablecoins serve as a bridge between the worlds of fiat and cryptocurrency. The BUSD donation will be used to provide social, legal, and humanitarian relief to those in need, including shelter and psychosocial support. More than ten million people have already been forced to flee their homes.
Anne-Marie Grey, Executive Director and CEO of the UNHCR United States, stated:
“Binance Charity’s commitment to families clearly shows cryptocurrency’s charitable potential. This generous donation will make a significant difference in the lives of those families, and it will also demonstrate to them that a caring and devoted global society is willing to assist them in their time of need.”
The United Nations High Commissioner for Refugees (UNHCR) provides support to vulnerable communities and monitors discussions for safe passage. The organization’s cash assistance is used to cover basic requirements such as rent, food, and hygiene supplies. The group also distributes basic relief items. Its teams are establishing transit and receiving locations for internally displaced persons, as well as making legal and psychosocial services more accessible.
Binance, the world’s largest crypto exchange by trading volume, has made a new donation. It has pledged $10 million to support those who are in need.
That’s some good news for UN Refugee Agency.
Read more: Airbnb comes in full support of Crypto, provides housing for 100,000 Ukrainian refugees
