UN Refugee Agency accepts $2.5M BUSD donation from Binance

The UN Refugee Agency, USA for UNHCR, accepted its first stablecoin crypto donation towards its relief efforts, Coin Journal learned from a press release. 

Binance donated the equivalent of $2.5 million in BUSD through Binance Charity, drawing attention to the key role of cryptocurrency in providing humanitarian aid and securing vital funds.

BUSD, or Binance USD, is a stablecoin. Stablecoins bridge the world of fiat and cryptocurrency as the assets are pegged to the US dollar.

Over 10M people have been displaced

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

Anne-Marie Grey, Executive Director and CEO of USA for UNHCR, commented:

Binance Charity's commitment to the families shows the innovative philanthropic power of crypto in action. 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, added:

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 in need and tracks negotiations for safe passage. Cash assistance from the organization goes toward basics needs like rent, food, and hygiene items. The organization also delivers core relief goods.

Its teams are setting up transit and reception points for internally displaced people and making access to legal assistance and psychosocial services easier.

This is the latest donation from Binance, the world’s biggest crypto exchange by trading volume. It has made a $10 million commitment to help people in need.