Today’s most popular cryptocurrency exchange platform offers a specialized crypto banking card for Ukrainian and Ukrainian refugees. A demonstration of the undeniable benefits of cryptocurrency in an emergency situation.
In a particularly tumultuous context, Binance wants to help Ukrainian refugees. The cryptocurrency exchange platform launched the “Binance Refugee Crypto Card” to address the liquidity problems of this population. Indeed, several testimonies mention the difficulties of refugees in exchanging their national currency, the hryvnia, in different European countries. It is clear that Ukrainian citizens cannot convert their hryvnia notes into euros at banks and other exchange offices. Most of them left their country at war and took all their savings with them in the form of banknotes. But these reserves don’t even seem to have any monetary value anymore.
Therefore, to counter this liquidity problem, Binance offers a crypto card with several advantages. “It will enable displaced Ukrainians to make or receive crypto payments and make purchases from retailers in the European Economic Area that accept card payments”Binance said. In an emergency, cryptocurrencies show concrete utility by becoming a fast, cheap and above all safe means of transferring money and solving financial problems.
$75 per month
Binance also initiates a charitable program in partnership with several non-profit organizations. Holders of this crypto card will receive 75 BUSD, the equivalent of 75 dollars per month, for 3 months. The BUSD cryptocurrency is automatically converted to the local currency when paying by card. Obtaining the card is free and all users must complete full identity verification through the KYC process. At the same time, these refugees will have to be recognized and verified by local organizations.
Holders of this card can also top up their account with additional credits from their relatives or from donations.
It is not the first time that Binance has provided financial aid to refugees from Ukraine. The exchange had allocated $10 million through Binance Charity to financially support displaced families in Ukraine and neighboring countries.
(ETX Daily Up)