By Alicia Maher
The leading global crypto exchange firm, Binance, has introduced a one-of-its-kind crypto card that will enable refugees from Ukraine to perform crypto transactions via the Binance Visa Card.
According to the crypto exchange firm, it is currently collaborating with several financial organizations to provide financial services to refugees impacted by the Russia-Ukraine conflict and, at the same time, provide them with the means to make transactions with the recognized economic zones in Europe.
Binance USD Provide Financial Support
Aside from access to digital currency transactions, holders of the card, once verified, are eligible to receive more financial support from Binance, which is in BUSD. Additionally, holders of the card will receive 75 BUSD a month for three consecutive months. The donation went a long way to complement other efforts.
The Head of Binance Charity, Helen Hai, revealed to Cointelegraph that the card is not designed to be a commercial product. It is made to provide a smooth and functional payment medium for refugees to receive and spend their donations.
Hai added that this had opened another important way for the world to see how digital currencies can play a role in helping individuals in need without the need to open a traditional bank account.
Cryptocurrency is now playing a vital role as it helps transform the reality of millions of people when it comes to the issue of money and finance. Cryptos have been adopted as the primary means of soliciting funds in the recent conflict in Eastern Europe and have provided the much-needed assistance the people of Ukraine need to survive the scars of the war.
The Rising Importance of Cryptocurrency
Going by the various examples of how digital financial tokens have been used to provide people and organizations with the needed funds to operate, it is now becoming clear that crypto can be used not only for transactions but also as a medium of payment and to meet other financial obligations.
Hai further added that cryptocurrency had become a financial tool with no known boundaries or restrictions and other complex processes before it could be accessed. It is capable of producing the results required of it in no time.
Ukraine has been at the receiving end of a humanitarian disaster that has seen most of its people fleeing the war-torn country, while those who chose to stay behind are in dire need of humanitarian aid.
Consequently, the rest of the world has responded to the call for help and donated millions of dollars worth of cryptocurrency, culminating in the spike in digital currencies in the affected country where the transaction was done using tokens against fiat.
Ethereum’s founder, Vitalik Buterin, has donated $5 million worth of ETH toward the Ukrainian cause, and so have other well-known personalities within the crypto industry.
The Doge community, together with others, have previously donated millions of tokens to help reduce the humanitarian disaster in the war-ravaged nation.