Binance donated money to support the children of Ukraine during the ongoing war against Russia. This is part of a growing number of people within the crypto ecosystem that are supporting the country’s struggle and giving back.
Binance Charity, Binance’s non-profit charity arm, announced a donation of $2.5 million in cryptocurrency to UNICEF. This donation will help pay for the expenses of UNICEF, which supports families and children in Ukraine who have been affected during the war.
UNICEF and Binance Join forces to Help Ukrainian Children
UNICEF expressed its gratitude to Binance in an official statement. It stated that the money arrived at the right time as the escalation is a grave threat to the country’s population.
People living in the north of Ukraine have been affected by the Russian advance and the attacks on infrastructure. The situation in conflict zones has also been deteriorated by the President of Ukraine’s appeals for civilians to join his militia and his restrictions on regional cash flow.
UNICEF’s activities are focused on water, education and protection for children. They also promote health and hygiene assistance to communities.
Chanpeng Zhao (CEO of Binance) expressed his willingness to continue financial assistance to charitable projects in partnership with UNICEF.
We are grateful for our continued collaboration with UNICEF. This organization, with the support from the Binance community provides emergency relief to alleviate some of the suffering these children, and their families, face.
The World’s First Crypto War
The Russia-Ukraine War Issue has had significant repercussions on the cryptocurrency universe, to the point where it was called the first “cryptowar” in the world.
In an effort to increase its war budget, the Ukrainian government began accepting donations of stablecoins, Ethereum, and Bitcoin. The Ukraine quickly grew its wallets to accept altcoins like Polkadot or Dogecoin and eventually reached several million dollars.
Ukraine has spent $15 million already on military equipment from these funds. Information is not available on the humanitarian expenditures.
However, speculations abound about Russia using cryptocurrencies to bypass sanctions imposed on it by the United States and its allies.
There has been no official announcement and CZ stated that Russia could not use cryptocurrency to maintain its economy.
“The truth is that crypto is too small to be used in Russia. The crypto adoption rate today is only 3%. This means that about 3% of the world’s population has some form of crypto exposure. Most of those who have crypto exposure only have a small portion of their net worth. On average, less than 10%. This means that crypto currently accounts for less than 0.3%. This applies equally to Russia.
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