Binance Donates $2.5M Stablecoin Crypto For Relief Efforts In Ukraine

Binance has donated its first stablecoin crypto gift to the United Nations Refugee Agency, the United Nations High Commissioner for Refugees (UNHCR), for its humanitarian operations in war-torn Ukraine, according to a statement. Binance charity has received the equivalent of $2.5 million in BUSD from the cryptocurrency exchange. BUSD is a stablecoin developed by Paxos, a trading and custody platform based in New York, and Binance. Because their prices are pegged to a reserve asset like the US dollar or gold, stablecoins connect the worlds of cryptocurrency and fiat currency. “The donation will go towards providing humanitarian, legal and social assistance including psychosocial support and emergency shelter to people in need,” the statement noted. The Ukraine crisis has already forced more than 10 million people to flee their homes. Approximately four million people have sought refuge in neighboring nations including Poland, Moldova, Romania, and Hungary, while millions more have been displaced yet remain in Ukraine. Following Binance’s $10 million commitment to support those affected by the Ukraine situation, this is the most recent donation. More than $4.5 million has already been contributed through Binance Charity, bringing the entire sum to $7 million, including money for UNHCR in the United States. The final $3 million donations are being finalized and will be publicized as soon as possible. “In addition to the $10 milli...