Binance, the leading cryptocurrency exchange platform, is offering a special crypto card to Ukrainian refugees, allowing those fleeing conflict to make or receive crypto payments, as well as make purchases. The initiative offers an example of how cryptocurrency can be used in an emergency context.
In a particularly turbulent context, Binance hopes to provide assistance to Ukrainian refugees. The cryptocurrency exchange platform has launched the "Binance Refugee Crypto Card" to address the liquidity problems faced by fleeing Ukrainians. Indeed, first-hand accounts tell of the difficulties refugees can face when trying to exchange their national currency, the hryvnia, in various European countries. Often, Ukrainian nationals are unable to convert their hryvnia bills into euros in banks and other exchange bureaus. Some of them have left their war-torn country, taking all their savings with them in the form of banknotes. But these reserves now barely seem to have any monetary value anymore.
To counter this liquidity problem, Binance is proposing to provide a crypto card with several advantages. "It will allow displaced Ukrainians to make or receive crypto payments and complete purchases at retailers in the European Economic Area who accept card payments," Binance said. In an emergency context, cryptocurrencies are proving useful, by stepping up as a fast, cheap and above all secure way to transfer funds and deal with financial issues.
Plus $75 a month
Binance is also launching a charitable program in collaboration with several non-profit organizations. Holders of this crypto card will receive 75 BUSD, the equivalent of $75 per month, for three months. The BUSD cryptocurrency will be automatically converted to local currency when paying with the card. Obtaining the card is free of charge, and all users will have to complete a full identity verification through the KYC process. In parallel, eligible individuals will have to be identified and verified by local organizations.
Cardholders will also be able to fund their account with additional credits sent by their relatives or through donations.
This is not the first time that Binance has offered financial assistance to Ukrainian refugees. The exchange platform has already allocated $10 million via the Binance Charity to supporting displaced families in Ukraine and its neighboring countries.