Binance Partners With Contis To Launch Crypto Card For Displaced Ukrainians.
Today, top crypto exchange, Binance, announced the launch of a refugee crypto card for its Ukraine-based users. Binance and Contis (a banking-as-a-Service platform) partnered to provide this card for Ukraine displaced persons. These cards are acceptable in any European Economic Area (EEA) where merchants support crypto payment and credit card purchases.
Known as the Binance refugee crypto card, new Binance users are also eligible to receive the card so long they are one of the displaced persons from Ukraine. One of Binance charity’s top-level executives, Helen hai, said, “during this challenging time for Ukrainians, their best option to transfer funds or receive funds when in urgent financial need is through cryptocurrencies.”
The CEO of Binance Ukraine (Kirill Khomyakov) added, “there are more than four million displaced persons from Ukraine as of the last estimate. Hence, we owe it a duty to these people to assist in our way. Through this refugee card, Binance users from Ukraine can receive financial assistance from any NGO such as Binance charity or free-will donations in crypto, including donations from their friends and loved ones.”
Part of this initiative involves Binance Charity collaborating with other top NGOs such as Rotary and Palianytsia to allow these NGOs to donate cash in crypto to holders of this card. Furthermore, Binance charity has partnered with local NGOs to verify refugees and give each verified refugee a card containing $75 BUSD (or $75) and will receive this amount for three successive months.
The move is in line with the maximum donation amount stipulated by the UN refugee agency (UNHCR). Cardholders can make purchases with their BUSD without converting the funds to fiat – the conversion is automated.
Terms to own the refugee crypto card
While it is free for anyone to obtain the card, without a Binance account users won’t be eligible to receive the card. Also, the account holders must have opened their Binance accounts using their Ukraine home address even if they now live in other locations different from their Ukraine address.
The announcement adds that all potential holders will need to be KYC-verified before receiving the card. Helen Hai further said, “our goal is to make blockchain technology solve real-world issues, especially those who need it. We will still roll out more tools and collaborations to assist Ukrainians and others suffering because of various economic issues.”
Before launching this card, Binance charity had donated 10M USD to assist displaced Ukrainians and their families. Most of the funds have provided psychological assistance, food, clean water, and medical supplies for these Ukrainian refugees.
Binance charity is also in partnership with Ukraine-based NGOs to reach those trapped in Ukraine and whose lives are even in more danger. Also, Binance charity owns a crypto crowdfunding page (called Ukraine’s emergency assistance fund) where anyone from any part of the world can support Ukrainians by making donations in crypto.