Binance cryptocurrency exchange has launched a crypto card that allows Ukrainian refugees to conduct crypto transactions and receive funds using the Binance Visa Card.
Binance announced that it is collaborating with a number of organizations, including Contis, a European banking-as-a-service platform, and the nonprofit organizations Rotary and Palianytsia, to provide refugees affected by the Ukrainian conflict with a way to send and receive money and make purchases within the European Economic Area (EEA).
Beneficiaries of the card who are verified by their local non-profit organizations will receive financial support from Binance in the form of Binance USD in addition to access to crypto transactions (BUSD).
These users will receive 75 BUSD per month for three months, which is the recommended donation amount 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 receive and spend donations because it is not a “commercial product.” This, according to Hai, is an important way for the rest of the world to see how crypto can benefit society.
“The whole world is able to observe the important role which cryptocurrency plays, and how it transforms our reality. It is cryptocurrency that plays a key role in raising vital funds and providing much-needed humanitarian assistance to Ukraine.”
This, according to Hai, is a good example of how crypto can be used not only for transactions but also for payment. Crypto, according to Hai, has “no boundaries, restrictions, does not require documents or other complex and lengthy bureaucratic procedures, and can produce results right now.”
Vitalik Buterin donated $5 million in Ether (ETH) for Ukrainian aid earlier this month. While making the donations, the Ethereum founder made no public announcements. It was discovered two days later, however, and received widespread attention on social media.