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Crypto exchanges pledge millions to Turkey earthquake victims



Firms in the crypto industry are making donations to support earthquake victims in Turkey. On Monday, February 6, 2023, the nation of Turkey, one of the fastest crypto hubs in the world, was struck by a magnitude 7.8 earthquake resulting in the death of thousands and many missing.

According to records, this is the worst earthquake that has struck Turkey since the 1939 incident that occurred with 30,000 persons killed. In the last 25 years, the EU nation has experienced at least seven different earthquakes with magnitude at 7.0 or more.

In the wake of the recent tragedy that also affected Iraq, Syria, Cyprus, Jordan, Lebanon, Syria, Georgia, and Armenia, over 40 blockchain firms have signed an agreement for authorities to create cryptosystems that can receive donations. The request will enable donations similar to that of Ukraine to be established.

A breakdown of the funds shows that Bitfinex (and Tether), BitGet, and Huobi Global have pledged 5 million Turkish Lira, 1 million Turkish Lira, and 2 million Turkish Lira respectively. Other companies such as Binance, and also showed interest in helping affected victims in Turkey.

Blockchain-based humanitarian relief and Web3 community in Turkey

In recent times, cryptocurrencies have been used as a potent tool to drive humanitarian support for regions suffering several kinds of disasters.

In 2020, Oxfam scaled a test net of a payment system, overnight, to help citizens of Vanuatu after being struck by Cyclone Harold. The system benefitted more than 5,000 households.

Again in the summer of 2021, Haiti after being struck by a magnitude 7.2 earthquake, received $50,000 worth of Bitcoin from Binance, $10,000 worth of Dogecoin, and Ether from around the world.

Russia’s invasion of Ukraine has also attracted one of the highest forms of crypto-powered aids in the world. Details show that more than $100 million was donated to Ukraine, and from this donation, $54 million was spent to purchase weaponry. 

Turkey as a nation has shown huge interest in crypto over the years. Istanbul Blockchain Week is one important crypto event in Europe that’s hosted in the capital city of Turkey.

It has attracted top crypto personalities like CZ, CEO of Binance; Sebastien Borget, Co-founder of Sandbox; David Chaum, a pioneer in cryptography; Yoshihisa Hashimoto, CTO of Square Enix and more.

Read also;

Turkey is enthusiastic about Crypto, Dogecoin especially – Report

Turkey to launch a CBDC in 2023

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