Binance has donated to help the children of Ukraine in its country’s ongoing war against Russia, joining a growing wave of individuals within the crypto ecosystem who are giving money and standing up for the country’s struggle. are happening.
Binance Charity, the non-profit charitable arm of Binance, announced a $2.5 million cryptocurrency donation to UNICEF. The goal is to help cover the organization’s expenses 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, as the escalation of armed conflict is deeply affecting the population.
The advance of Russian troops and attacks on various infrastructure points have affected the lives of people living in the northern part of Ukraine. The Ukrainian president’s calls for civilians to join the militias and his restrictions on regional cash flow have also not helped improve the situation for residents of conflict zones.
UNICEF’s efforts are focused on providing children with water, education and protection; Promote health and sanitation support to communities; To work with the regional governments of Ukraine to support their community support programmes; and supporting mobile teams providing child protection services.
Binance CEO Chanpeng Zhao shared his desire to continue funding the charitable initiative in partnership with UNICEF:
We are grateful for our ongoing collaboration with UNICEF, which, with the support of the Binance community, provides emergency relief to help alleviate some of the suffering these children and their families are facing.
The world’s first crypto war
The issue of the Russo-Ukraine war has had a substantial impact in the cryptocurrency universe to such an extent that it has been called the world’s first “crypto war”.
On the Ukrainian side, the government began accepting donations of bitcoin, ethereum and stable coins in an effort to increase its war budget. Ukraine’s wallets grew rapidly to accept other altcoins such as Polkadot and Dogecoin, eventually reaching multimillion-dollar funds.
Of those funds, Ukraine has already spent $15 million on military equipment. There is no information about the expenditure allocated for humanitarian works.
On the other hand, much has been speculated about the possibility of Russia turning to cryptocurrencies as a way of bypassing sanctions imposed by the United States and its allies.
However, no official announcement has been made on the matter, and CZ himself has assured that it is nearly impossible for Russia to effectively use cryptocurrencies to keep its economy afloat:
“The truth is that crypto is too small for Russia. If we look at cryptocurrency adoption today, there is probably about 3% of the global population with some kind of crypto exposure (ie, owning some crypto). Among them Of course, most have only a small percentage of their net worth in crypto. On average less than 10%. Therefore, today crypto probably accounts for only less than 0.3% of the global net worth. This percentage applies equally to Russia. “
PrimeXBT Special Offer: Use this link to register and enter code POTATO50 to get up to $7,000 on your deposit.