The UN Refugee Agency Accepts First Stablecoin Crypto Donation of $2.5M from Binance Charity

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Apr 05, 2022, 10:11 ET

NEW YORK, April 5, 2022 /PRNewswire/ -- USA for UNHCR, the UN Refugee Agency, has accepted its first stablecoin crypto donation towards the organization's humanitarian support. The $2.5 million USD equivalent from Binance through Binance Charity is further demonstration of how cryptocurrency is playing a key role in raising vital funds and providing humanitarian aid.

Stablecoins bridge the world of cryptocurrency and fiat currency together as their prices are tied to a reserve asset like the US dollar.

The BUSD donation will go towards providing humanitarian, legal and social assistance including psychosocial support and emergency shelter to people in need. More than 10 million people have already been displaced.

"Binance Charity's commitment to the families shows the innovative philanthropic power of crypto in action," said Anne-Marie Grey, Executive Director and CEO of USA for UNHCR. "This generous support will make a life-changing difference for those families, and more importantly, it shows families that a caring and committed global community is stepping forward to help during their darkest times."

Helen Hai, Head of Binance Charity, said: "Every day we see more casualties, more destruction, more lives lost. We are proud that we've been able to work with UNHCR to deliver its first BUSD crypto donation. UNHCR's tireless efforts and second-to-none experience in assisting refugees, makes them an obvious choice to support as part of our $10 million USD in crypto donations."

UNHCR delivers assistance to communities which are in need when it is safe to do so and is closely tracking negotiations for safe passage. UNHCR is providing cash assistance so families can purchase basics like food, rent and hygiene items and also delivering core relief items and emergency shelter. Additionally, teams are setting up reception and transit points for internally displaced people and facilitating access to legal aid and psychosocial care.

This is the latest donation following Binance's $10 million USD commitment to help people impacted.

SOURCE Binance