Verified Ukrainian who gets the card will receive 75 BUSD monthly for the next three months, besides being able to send and receive crypto payments and make transactions at retailers located in the European Economic Area.
Cryptocurrency exchange Binance has, in partnership with banking-as-a-service platform Contis, rolled out a crypto debit card to help Ukrainian refugees to complete financial transactions seamlessly within the European Economic Area (EEA).
According to an April 26, 2022 press release, the card will enable Ukrainian refugees to shop at all EEA retail shops that accept card payments. Binance’s non-profit arm, Binance Charity, partnered with other non-profit organizations like Rotary and Palianytsia to make the initiative successful.
A functional payment instrument to receive, send and spend donations
In addition to being able to make crypto transactions, recipients of the Binance Card who get verified by their local aid organizations will also receive 75 Binance USD (BUSD) monthly for the next three months: the donation amount recommended by the United Nations High Commissioner for Refugees (UNHCR).
Explaining that the card wasn’t a commercial product, Helen Hai, head of Binance Charity, said that because the card’s main objective was to provide a functional payment instrument to receive, send and spend donations. Hai reiterated that this was an important way that the world could see how crypto can play a role in society. Hai stated:
“The whole world is able to observe the important role which cryptocurrency plays and how it transforms our reality. It is a cryptocurrency that plays a key role in raising vital funds and providing much-needed humanitarian assistance to Ukraine.”
Binance continues help for Ukraine
Ever since Russia invaded Ukraine, the Binance exchange, the world’s leading exchange by trade volumes, has emerged as one of the strongest supporters of the Ukrainian people. The exchange donated $10 million to help in the emerging humanitarian crisis only a few days after Putin launched what he called a “special military operation.” The contribution was split among numerous organizations, including UNICEF, the UN Refugee Agency, UNHCR, etc.
One month later, Binance still donated another $2.5 million on crypto towards supporting Ukrainian children and families who have been affected by the war. Launching the refugee crypto card is the exchange’s most recent attempt to aid Ukraine.
Ukrainian refugees who wish to apply for the card, which doesn’t have an annual fee, will need to apply for a Binance account if they don’t have one already using their home address. Those who apply for the card will also be required to complete the know-your-customer verification process before getting approval.
Tom is a freelance writer with over 10-years’ experience in content creation, blog writing, and SEO specializing in the blockchain and cryptocurrency niche. As a philosophical figurehead, he believes that to make our world a better place, we must invest in incorruptible products and procedures, of which Bitcoin and other cryptocurrencies are leading examples.