Binance just made a donation to help the children of Ukraine in their country’s ongoing war against Russia, joining a growing wave of people within the crypto ecosystem who are giving money and championing the country’s fight.
Binance Charity, the nonprofit charitable arm of Binance, announced a donation of $2.5 million in cryptocurrency to UNICEF. The goal is to help cover the expenses of the organization as it supports Ukrainian children and families who have been affected by the war.
Binance and UNICEF join forces to help Ukrainian children
In an official statement, UNICEF thanked Binance for its contribution, assuring that the money came at the right time, since the escalation of the armed conflict is deeply affecting the population.
The advance of Russian troops and the attacks on various points of infrastructure have affected the lives of those who live in the northern part of Ukraine. The Ukrainian president’s calls for civilians to join the militia and his restrictions on regional cash flow have also not helped improve the situation for residents of conflict zones.
UNICEF’s efforts focus on providing water, education and protection to children; promote health and hygiene assistance to communities; work with Ukraine’s regional governments to support their community support programs; and support mobile teams providing child protection services.
Chanpeng Zhao, CEO of Binance, shared his willingness to continue providing financial assistance to charitable initiatives in partnership with UNICEF:
We are grateful for our continued collaboration with UNICEF, which, with the support of the Binance community, provides emergency aid to help alleviate some of the suffering these children and their families face.
The world’s first crypto war
The topic of the war between Russia and Ukraine has had substantial repercussions in the cryptocurrency universe to the point that it has been called the world’s first “crypto war”.
On the Ukrainian side, the government itself began accepting donations of Bitcoin, Ethereum, and stablecoins in a bid to increase its war budget. Ukraine’s wallets quickly grew to accept other altcoins like Polkadot and Dogecoin, eventually reaching several million dollars in funds.
Of those funds, Ukraine has already spent $15 million on military equipment. There is no information on the expenses allocated for humanitarian work.
On the other hand, much has been speculated about the possibility of Russia resorting to cryptocurrencies as a way to circumvent the sanctions imposed by the United States and its allied countries.
However, there has been no official announcement in this regard, and CZ herself claimed that it was almost impossible for Russia to effectively use cryptocurrencies to keep its economy afloat:
“The truth is that cryptocurrencies are too small for Russia. If we look at cryptocurrency adoption today, there are probably around 3% of the world’s population with some form of cryptocurrency exposure (i.e. owning some cryptocurrency). Of them, most only have a small percentage of their net worth in cryptocurrencies. Less than 10% on average. Therefore, there is probably only less than 0.3% of the global net worth in crypto today. This percentage applies equally to Russia.”
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