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Russian/Ukraine: Crypto Once Again Shows Superiority Over Fiat

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Donations for Ukranians

For about a few weeks the entire world has been thrown into a state of shock as Russia invades Ukraine. There has been a lot of analysis concerning the reasons, who is wrong and who is right. While all this is going on, several persons have died and many injured. There are clips and pictures to show how a lot of Ukrainians and other nationalities are leaving the country.

Some very high profile fellows and citizens have decided to join the army to fight for their countries. For instance, the Ex-President was seen with a Kalashnikov weapon getting ready to fight. The task has been hard. Daily news across the world shows a nation in dire need of support. And this is where the strength of cryptocurrency has come in.

Donations to Ukrainians

Changpeng Zhao known as CZ, the CEO of Binance tweeted in response to the situation at Ukraine:

The donation started a few days ago and as of this time, $6,116,516.88 has been raised using BTCs, BNB (the native token of Binance Ecosystem), BUSD, and ETH as major contributions.

The target for Binance is $10m and it’s powered by Binance Charity which started in October of 2018, at a UN conference. According to the website, the monies will be directed at:

  • Protecting Children

About a 7.5million children will be taken care of with the funds that will be raised during this time. Bianca e is doing this in partnership with UNICEF. “The funds will go towards medical supplies, providing safe drinking water, social protection, and emergency educational resources,” says the website.

  • Supporting Refugees

Between 4 and 7 million people have been estimated to be the number of those fleeing Ukraine due to the invasion. Most of these individuals will be leaving for close-by countries. In collaboration with UNHCR, this will be made possible by providing food, water, medical supplies, and shelter provision.

  • Protecting the IDP

“The International Rescue Committee reports that over 100,000 Internally Displaced People (IDP) within Ukraine” reports the website. A lot of individuals will leave the country, some of them will go hiding as well.

Crypto Support for Ukrainians

The entire ecosystem has responded to the plea to help the citizens of Ukraine through this time. Aside from Binance’s gesture, Sam Bankman Fred, founder of FTX donated $25 to all users of FTX in Ukraine. 

The CEO of Chain.com, Deepak Thapliyal, gave 100ETH (approximately $278,000) towards the support of Ukrainians. “When I realized the Ukrainian government had requested donations in the form of crypto,” Deepak said while commenting on Buzzfeed, “I felt compelled to do my part to help. Crypto donations are borderless and near-instant, so I hope that the government there can tap into it as soon as possible to help the people in need.”

These donations are coming in real data and are helpful in the form of cryptocurrencies because trading crypto is legal in the country. No taxes. No harassment. Just do your business with clean sheets. They also have an abundance of tech and blockchain talent that is helping to build the blockchain ecosystem.

When the violence started against the European country, the Vice Prime Minister of Ukraine, Mykhailo Fedorov, called ok the world to donate for their citizens. And the response has been positive so far. Again, blockchain technology is showing a great advantage to helping people without restrictions.

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