As the mass exodus of Ukrainian refugees fleeing their war-torn country continues, charities and businesses are finding new ways to lend their support. Cryptocurrency exchange and blockchain infrastructure provider Binance joined these efforts on Tuesday, announcing the Binance Refugee Crypto Card. The Visa-branded debit card will allow displaced Ukrainians to make or receive crypto payments and make purchases at merchants in the European Economic Area (EEA).
The development of the card is timely as many Ukrainian refugees reportedly took cryptocurrency with them as they fled the country.
The card is issued in coordination with Binance Charity, a nonprofit organization aimed at advancing blockchain-based philanthropy. Binance Charity works with several nonprofits, including Rotary International and Palianytsia, a Ukraine-based charity that helps local refugees and war victims, to provide crypto-based cash relief through Refugee Crypto Card.
To apply for the card, which has no annual fee, Ukrainian refugees need an existing Binance account or must create a new account using a Ukrainian home address, even if they currently live in another EU country. ‘European Economic Area. Refugees applying for the card will also need to complete a Know Your Client check.
Refugees who receive the cards and are verified by local nonprofit organizations will receive financial assistance in the form of $75 Binance, stablecoins worth the equivalent of $75, per month for three months. The amount is in line with donation levels recommended by UNHCR, the UN refugee agency, Binance Charity said. Binance cryptocurrency deposited in the cardholder’s account will be automatically converted to local currency.
Binance is the fourth largest stablecoinwhose value is linked or equal to the United States dollar.
“During this difficult time for Ukraine, it is clear that cryptocurrencies are useful as they offer a fast, cheap and secure way to transfer funds to help people meet their urgent financial needs,” said said Helen Hai, Head of Binance Charity, in a statement. Affirmation prepared.
The Refugee Crypto Card builds on Binance’s continued support for war-affected Ukrainians. Previously, the company allocated $10 million through Binance Charity to support displaced children and families in Ukraine and neighboring countries and works with organizations in the country to support civilians who were unable to leave. Additionally, Binance Charity has created a cryptocurrency crowdfunding site titled “Emergency Assistance Fund for Ukraine” to accept cryptocurrency donations to support Ukraine. The site has raised around $1 million, according to Binance.
“We will continue to develop initiatives and partnerships to help the people of Ukraine and develop crypto and blockchain tools to help those suffering from conflict elsewhere in the world,” Hai said.
Last month, Binance struck a deal with the big processor Paysafe Ltd. to support crypto trading via Paysafe wallets in the US and UK.