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As the mass exodus of Ukrainian refugees fleeing their war-torn country continues, charitable organizations and businesses are finding new ways to provide support. Cryptocurrency exchange and blockchain-infrastructure provider Binance joined those efforts Tuesday, announcing the Binance Refugee Crypto Card. The Visa-branded debit card will allow displaced Ukrainians to make or receive crypto payments and complete purchases at merchants within the European Economic Area (EEA).
The development of the card is timely in that many Ukrainian refugees are reportedly taking cryptocurrency with them as they flee the country.
The card is being issued in coordination with Binance Charity, a non-profit aimed at advancing blockchain-enabled philanthropy. Binance Charity is working with several non-profit organizations, including Rotary International and Palianytsia—a Ukraine-based charity helping local refugees and war victims— to provide crypto-based cash assistance through the Refugee Crypto Card.
To apply for the card, which has no annual fee, Ukrainian refugees need an existing Binance account or must register a new account using a Ukrainian home address, even if they are currently living in another European Economic Area country. Refugees applying for the card will also be required to complete know-your-customer verification.
Refugees who receive the cards, and who are verified by local non-profit organizations, will receive financial aid in the form of 75 Binance dollars, stablecoins with the equivalent value of $75, per month for three months. The amount is in line with donation levels recommended by UNHCR, the United Nations refugee agency, Binance Charity says. Binance cryptocurrency deposited into the cardholder’s account will be automatically converted to local currency.
Binance is the fourth-largest stablecoin, with its value is tied to or equal to the United States dollar.
“At such a difficult time for Ukraine, it’s clear that cryptocurrencies are useful as they offer a fast, cheap, and secure way of transferring funds to help people with their urgent financial needs,” Helen Hai, head of Binance Charity, says in a prepared statement.
The Refugee Crypto Card builds on Binance’s ongoing support for Ukrainians affected by the war. The company previously allocated $10 million through Binance Charity to support displaced children and families in Ukraine and its neighboring countries and is working with organizations in-country to support civilians who have not been able to leave. In addition, Binance Charity created a cryptocurrency crowdfunding site titled “Emergency Assistance Fund for Ukraine” to accept cryptocurrency donations to support Ukraine. The site has raised about $1 million, according to Binance.
“We will continue to develop initiatives and partnerships to help the Ukrainian people and continue to develop crypto and blockchain tools to help aid those suffering from conflicts elsewhere in the world,” Hai says.
Last month, Binance struck a deal with the big processor Paysafe Ltd. to support crypto trading via Paysafe wallets in the United States and the United Kingdom.
