The Binance exchange has launched a cryptocard that allows refugees from Ukraine to make cryptotransactions and receive funds through a Binance Visa card.
Binance announced that it is working with several organizations, including European banking platform Contis and nonprofits Rotary and Palianica, to allow war refugees to send and receive funds and make purchases within the European Economic Area (EEA).
In addition to access to cryptocurrency transactions, card recipients verified by their local nonprofits will receive financial support from Binance in the form of Binance USD (BUSD). These users will receive 75 BUSD per month for three months. The donation amount has been recommended by the United Nations High Commissioner for Refugees (UNHCR).
Helen Hai, head of Binance Charity, said that because the card is not a commercial product, its main purpose is to provide a functional payment tool for receiving and spending donations. Hai explained that this is an important way for the world to see how cryptocurrency can play a role in society.