Helen Hai, Head of Binance Charity, said: “It is apparent that cryptocurrencies are important in Ukraine at this moment since they provide a rapid, affordable, and secure method of sending payments to aid individuals with their immediate financial demands.” The BRCC was developed in collaboration with pay-tech services provider Contis.
Refugees are being helped by Binance Charity and local non-profit organisations from the European Economic Area (EEA). Non-profit organizations in the area will aid in the verification of refugees for the BRCC, which will provide them with a card containing BUSD 75 every month for three months, in accordance with UNHCR’s suggested contribution levels.
BUSD will be immediately translated to local currency during the card payment, according to Binance. Even if they are presently residing in another EEA nation, refugees must utilise an established Ukrainian account or establish a new Binance account with a Ukrainian home address in order to receive a BRCC.
Through its Binance Charity program, Binance has donated $10 million to aid the plight of Ukrainian refugees in the past. Charity organization Binance Charity has launched a bitcoin crowdfunding campaign dubbed “Emergency Assistance Fund for Ukraine,” which has so far received more than $1 million in donations.