Crypto exchange Binance committed $10M to Ukraine as the crypto community is rallying together to show support for the people In Ukraine that are struggling with the Russian invasion so let’s read more in today’s latest Binance news.
Crypto emerged as the method of choice for fundraising and donations while offering a number of advantages over banks and traditional methods of money transfer which are quite expensive, slow, and often restricted and monitored. The Ukrainian government also called upon the crypto community to pledge support in a series of appeals on social media and the Vice Prime Minister even posted three addresses for donations back on Saturday. He even appealed to crypto exchanges to start blocking Russian users:
“I’m asking all major crypto exchanges to block addresses of Russian users. It’s crucial to freeze not only the addresses linked to Russian and Belarusian politicians, but also to sabotage ordinary users.”
Polkadot founder Gavin Wood said he would donate $5 million if the Ukrainian government provided Polkadot’s address. In addition, Tom Robinson stated that the largest (anonymous) donation received by the Ukrainian government was Bitcoin worth $1.86 million.
— Wu Blockchain (@WuBlockchain) February 28, 2022
The crypto community answered the call and gathered up to $19 million in digital asset donations which were made since the Russian invasion started. Reuters reported that a total of $8 million was gathered until February 27 but the Blockchain analytics firm Elliptic updated the figures and now the total recieved by the Ukrainian government is $18.9 million, most of which came over the past two days after Fedorov’s appeal.
Elliptic broke down the donations by crypto-asset and revealed the majority of donations recieved to date have been in BTC And ETH but the US dollar stablecoin contributed a huge proportion. More than half or 56.4% were donated in BTC, 31.8% in ETH while 10.9% is stablecoins, and less than one percent was in other altcoins. As per Chinese crypto outlet Wu Blockchain, the Polkadot founder was ready to donate as well. The company added that the crypto donations to Ukrainian volunteer and hacking groups spiked since Russia launched the invasion.
Stand with the people of Ukraine
Now accepting cryptocurrency donations. Ethereum. Bitcoin and Tether (USDTtrc20)
BTC — 357a3So9CbsNfBBgFYACGvxxS6tMaDoa1P
ETH — 0x165CD37b4C644C2921454429E7F9358d18A45e14
USDT (trc20) — TEFccmfQ38cZS1DTZVhsxKVDckA8Y6VfCy
— Mykhailo Fedorov (@FedorovMykhailo) February 26, 2022
The world’s biggest exchange Binance joined the call. Binance committed $10M to Ukraine and stated:
“The donation will be split between major intergovernmental organizations and nonprofit organizations already on the ground, including UNICEF, UNHCR, the UN Refugee Agency, iSans and People in Need, to help support displaced children and families in Ukraine and its neighboring countries.”
It has set up a donation web portal which is called the Ukraine Emergency Relief Fund and recieved 156 BTC worth $5.8 million. Binance stated that it pledged over 16,000 BNB tokens to the cause as well.
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