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Binance, the world's biggest crypto exchange, has donated $2.5 million

Binance, the world's

For the very first moment, the United Nations

High Commissioner for Refugees (UNHCR) has received stablecoin cryptocurrency donations for its humanitarian operations in Ukraine's military conflict homeland.

Binance, the world's biggest cryptocurrency exchange, made the gift.

Binance purportedly said in an announcement that it has contributed approximately of $2.5 million in BUSD (Binance USD) to Binance philanthropy. BUSD is a stablecoin created in partnership with Paxos, a transaction and custodial system located in New York, and Binance.

Stablecoins attempt to connect the worlds of cryptocurrency and fiat money by tying their values to a reference commodity such as the US dollar or gold.

"The gift will be used to provide humanitarian, legal, and social help to persons in need, including psychosocial support and emergency shelter," the announcement stated.

  • Binance's $10 million contribution

This is the newest gift made in response to Binance's USD 10 million pledge to assist persons affected by the Ukraine conflict.

More than $4.5 million has been contributed through Binance Philanthropy, increasing the entire sum to $7 million, comprising money for UNHCR in the United States. According to the UN refugee agency, the additional USD 3 million gifts are being finalized and will be revealed immediately.

According to Binance's announcement "In addition to the $10 million pledge, Binance Charity developed a crowd-funding system, which has received about $900,000 USD from the crypto world. This funding will also be used for humanitarian purposes."

           Binance and the UNHCR have issued a statement.

Anne-Marie Grey, Executive Director and CEO of UNHCR in the United States, commented on the rise of cryptocurrency donations to Ukraine, saying, "Binance Charity's dedication to the families escaping the crisis in Ukraine demonstrates the unique charitable potential of cryptocurrency in practice."

"This tremendous contribution will make an existence impact for families compelled to evacuate," she continued. "More significantly, it reminds families that a loving and devoted global society is coming through to help during their toughest times."

Meanwhile, Helen Hai, Head of Binance Charity, stated, "We are happy to have worked with UNHCR to provide its first BUSD crypto gift." The UNHCR's persistent efforts and unparalleled experience in supporting refugees make them an easy option to support as part of this initiative of our $10 million USD in crypto donations."

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