Binance has recently given to support Ukraine’s children in their country’s ongoing fight against Russia. The bitcoin community is increasingly donating donations and standing up for the nation’s suffering.
Binance Charity, Binance’s non-profit philanthropic arm, confirmed a $2.5 million crypto contribution to UNICEF. The purpose is to contribute to the organization’s expenditures as it assists Ukrainian children and families impacted by the war.
Binance Partners With UNICEF
UNICEF commended Binance for its donation in a public announcement. Ensuring that the funds arrived at the correct time since the intensification of the military conflict is having a significant impact on the people.
Russian military marches and strikes damage the lives of people in the north of Ukraine. The Ukrainian president demands citizens to join militias. As well as his limitations on regional currency flows, have done nothing to better the position of inhabitants of combat zones.
UNICEF dedicates its initiatives to supplying children with water, education, and security; boosting health and hygiene support to localities; collaborating with Ukraine’s regional authorities to strengthen community aid programs, and assisting mobile units offering child protection services.
The World’s First Crypto War
So far, the Russia-Ukraine conflict labeled the world’s first “crypto war” because of its widespread crypto implications.
In Ukraine, the government began accepting Bitcoin, Ethereum, and stablecoin donations to help fund its military. Ukraine’s wallets rapidly extended to accommodate other cryptocurrencies like Polkadot and Dogecoin, ultimately hitting several million dollars in currency.
Ukraine has already spent $15 million on military equipment, but no information on humanitarian expenses is available.
Also, the possibility of Russia using cryptocurrencies to circumvent the US and ally sanctions debates extensively.
There has been no formal notification and CZ argues Russia cannot use virtual currencies to sustain its economy.
According to CZ, the cryptocurrency industry is too small to sustain Russia’s economy. Looking at the current state of crypto acceptance, it estimates that approximately 3% of the worldwide population has some level of cryptocurrency exposure (i.e., owning some crypto). Most of them only have a little portion of their net wealth in cryptocurrency. On average, it is less than 10%. As a result, crypto accounts for less than 0.3 percent of worldwide net worth today. This proportion is also applicable to Russia.
