More support continues to troop in for Ukraine as Binance joins in supporting the Ukrainian children with a $2.5M crypto donation to the UNICEF.
The UNICEF expressed gratitude to Binance for its gift in an official statement, stressing that the money arrived at the appropriate moment, given that the intensification of the armed conflict is having a significant impact on the population, and particularly on children and young people.
The march of Russian soldiers, as well as assaults on numerous infrastructure locations, have had a negative impact on the lives of individuals who reside in Ukraine’s northern region.
The Ukrainian president’s demands for citizens to join the militia, as well as his limitations on regional currency flow, have done nothing to alleviate the situation for inhabitants of the combat zones, and they should be condemned.
Children’s water, education, and protection are at the forefront of UNICEF’s efforts, as is promoting health and hygiene assistance to communities, collaborating with Ukraine’s regional governments to support their community support programs, and supporting mobile teams that provide child protection services.
When asked whether Binance will continue to provide financial support to philanthropic activities in conjunction with UNICEF, Chanpeng Zhao, CEO of Binance, said affirmatively:
We’re grateful for our ongoing collaboration with UNICEF, which with the support of the Binance community, provides emergency relief to help ease some of the suffering these children and their families are facing.
Is it a “crypto war” or the start of World War III?
The conflict between Russia and Ukraine has had significant ramifications in the cryptocurrency sector, to the point that it has been dubbed the world’s first “crypto war.”
Ukraine’s government has begun taking Bitcoin, Ethereum, and stablecoin contributions in an effort to raise funds for the country’s ongoing war effort, according to a report. Ukraine’s wallets quickly expanded their acceptance of alternative cryptocurrencies like Polkadot and Dogecoin, ultimately amassing hundreds of thousands of dollars in money.
Ukraine has already spent $15 million of those monies on military equipment, which is a significant amount. There is no information available on the amount of money spent on humanitarian efforts.
Much has been said and written about the likelihood of Russia resorting to cryptocurrency as a means of circumventing the sanctions imposed by the United States and its allies.
The Russian government, on the other hand, has made no formal comment on the topic, and the Central Bank of the Republic of Kazakhstan has said that it is nearly hard for Russia to properly employ cryptocurrencies to keep its economy afloat:
“The truth is, crypto is too small for Russia. If we look at the crypto adoption today, there is probably about 3% of the global population with some kind of crypto exposure (i.e., owning some crypto). Of those, most only have a small percentage of their net worth in crypto. Less than 10% on average. So, there is probably only less than 0.3% of the global net worth in crypto today. This percentage applies equally to Russia.”