Oluwapelumi is a believer in the transformative power Bitcoin and Blockchain industry holds. He is interested in sharing knowledge and ideas. When he is not writing, he is looking to meet new people and trying out new things.
Refugees who are verified by local non-profit organizations and apply for the Binance Refugee Crypto Cards will receive 75 BUSD, which is equivalent to $75, per month for three months.
As the ongoing invasion of Ukraine by Russia continues to reorganize the order of things in the region, Binance has announced a new move designed to ease the financial struggles of Ukrainians. Named the ‘Binance Refugee Crypto Card’, the new project is designed to enable refugee Ukrainians carry out crypto transactions and receive funds through the Binance Visa Card.
The card is primarily available to Ukrainians who have been forced to move to various countries within the European Economic Area (EEA).
Binance, to achieve this, entered into a partnership with Contis, a prominent European banking-as-a-service platform, which played a central role in the creation of the card.
The crypto exchange is also partnering with nonprofit organizations like Rotary and Palianytsia to achieve its aim. These partnerships are designed to ensure crypto-based cash assistance through the Refugee Crypto Card.
This assistance will allow relatives or acquaintances of refugees to transfer crypto to the new cards and Binance wallets to support their loved ones.
Also, refugees who are verified by local non-profit organizations and apply for the Binance Refugee Crypto Cards will receive 75 BUSD, which is equivalent to $75, per month for three months.
This particular amount is in line with the recommended donation levels by the United Nations Refugee Agency.
Helen Hai, the Head of Binance Charity, said:
“At such a difficult time for Ukraine, it’s clear that cryptocurrencies are useful as they offer a fast, cheap and secure way of transferring funds to help people with their urgent financial needs.”
She further explained that Binance is committed to seeing the blockchain “working for people, solving real-world problems and using it as a tool to connect those who want to help, directly with those in need of it.”
Hai also maintained that the card is not a commercial product and that it is solely designed to help Ukrainians.
Like Hai, Binance’s General Manager, Kirill Khomyakov, explained that the company has a responsibility to the four million Ukrainians who have left the country due to the war.
“The Binance Refugee Card will allow Ukrainians to get help from Binance and other charitable organizations, and, if necessary, receive cryptocurrency from any other wallets,” he noted.
Since the ongoing war in Ukraine, the crypto community has contributed enormously to helping the war-torn country fund its defense. Also, several crypto firms have also stopped offering their services in Russia as a response to the several sanctions imposed on the country.