Crypto Donations to Turkey Earthquake Victims Reach $3 Million, Binance, Others Pledge More by DailyCoin

© Reuters Crypto Donations to Turkey Earthquake Victims Top $3M, Binance and Others Pledge More
  • Cryptocurrency donations are pouring in to help rescue and provide relief to Turkey-Syria earthquake victims.
  • According to addresses tracked by Nansen, more than $3 million has been sent to nonprofits in Turkey.
  • Binance promised to send $100 to all registered users in the affected regions.

The cryptocurrency community is lending a hand to victims of the tragic 7.8-magnitude earthquake in Turkey and Syria, sending more than $3 million in donations, with crypto firms like Binance promising more.

Non-profit organizations receive cryptocurrency for aid victims

In the aftermath of the tragic events of Monday, February 6, non-profit organizations have turned to cryptocurrency to receive funds to aid rescue efforts and provide relief to individuals affected by the Turkish-Syrian earthquakes.

Non-profit organizations have turned to cryptocurrency to raise money for the victims of the deadliest earthquake in more than a decade due to the technology’s limitless nature.

Natural disasters make it difficult for individuals to access traditional banking services to obtain funds for basic needs such as medical supplies and food. Crypto will make the process of getting paid much easier.

More than $3 million in cryptocurrency has been sent to nonprofits

Shortly after the tragic event, non-profit organizations in Turkey and Syria sent wallet addresses to collect millions of dollars in cryptocurrency. Blockchain analytics firm Nansen has tracked three wallet addresses receiving relief funds.

According to Nansen data, these titles had received just over $3 million as of Wednesday, February 8th. The most used coins include AVAX (39.39%), USDT (32.10%), and USDC (15.03%).

The portfolio titles are published by the Ahbap Foundation, the charity of Turkish singer Haluk Levent. Other efforts include the Turkish Paribou Exchange to raise money for two non-profits helping in the response.

Crypto companies promise more support

Binance, the world’s largest cryptocurrency exchange, has promised to donate $5 million in crypto to the victims of the natural disaster. Binance will drop $100 of BNB, the exchange’s native token, to all users in the earthquake-affected areas.

Binance Charity has also launched a public donation address, Earthquake Emergency Appeal, to allow individuals to send money in several cryptocurrencies, including BTC, ETH, BNB, BUSD, and .

The foundation pledged $1 million, while BitMEX announced that it will contribute proceeds from its recently held trading competition to the Turkish Red Crescent Organization.

on the flip side

  • There are reports of crypto addresses approved by the Turkish Financial Crimes Investigation Board (MASAK) despite the National Central Bank’s ban on crypto payments in April 2021.

Why should you bother

Cryptocurrencies have become the go-to asset for donations because their tablet-free nature makes sending money during emergencies easier and more trustworthy.

Read more about cryptocurrency donations below:

The deputy minister says cryptocurrency donations are essential for Ukraine’s defence

Read what the Turkish president thinks about cryptocurrency below:

The President of Turkey Embraces Cryptocurrency and the Metaverse

See the original on the Daily Queen

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