UN Refugee Agency Accepts First Stablecoin Crypto Donation
USA for UNHCR, the UN Refugee Agency, has accepted its first stablecoin crypto donation towards the organization’s humanitarian support for families forced to flee Ukraine to neighboring countries. The $2.5 million equivalent donation in Binance USD (BUSD) stablecoin was received from cryptocurrency exchange Binance through its philanthropic arm, Binance Charity Foundation (BCF).
Stablecoins bridge the world of cryptocurrency and fiat currency together as their prices are tied to a reserve asset like the US dollar. The BUSD crypto donation by Binance is part of BCFs efforts to raise $10 million in crypto donations for Ukraine as the war continues.
Apart from the $2.5 million from Binance, more than $4.5 million has already been donated, bringing the total amount to $7 million in funding to USA for UNHCR. The remaining $3 million donation is being discussed with partners for providing longer-term crypto based cash assistance recovery and resettlement relief.
UNHCR is providing cash assistance so families can purchase basics like food, rent and hygiene items and also delivering core relief items and emergency shelter.
With more than 10 million people already been displaced due to the Russia-Ukraine crisis, the BUSD donation will also go towards providing humanitarian, legal and social assistance including psychosocial support and emergency shelter to people in need.
Binance Charity’s donation comes at an important time as UNHCR continues working with government authorities in the region, other UN agencies, local community groups and other partners to provide humanitarian assistance wherever possible.
BCF is accepting donations in cryptocurrencies such as BNB, BTC, BUSD and XRP on the blockchain-powered Binance Charity platform, which ensures that all donations and allocations for each project are recorded on blockchain and open to the public for verifications.
BCF is a not-for-profit organization dedicated to the advancement of blockchain-enabled philanthropy towards achieving global sustainable development, with “Blockchain for social good” as its motto.
BCF started with supporting terminally ill patients and disadvantaged children in Malta in December 2018. It then helped raise funds for hurricane Dorian relief, restoration of the Notre Dame Cathedral, landslide disaster victims in Uganda, Australia Bushfire, Lunch for Children in African schools, etc.
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