Donations in crypto are pouring in to aid rescue and provide relief for victims of the Turkey-Syria earthquake.
According to addresses tracked by Nansen, more than $3 million has been sent to non-profits in Turkey.
Binance has promised to send $100 to all registered users in affected regions.
The crypto community is lending a helping hand to victims of the tragic 7.8-magnitude earthquake that struck Turkey and Syria, sending more than $3 million in donations, with crypto firms like Binance promising even more.
Non-Profits Receive Crypto to Aid Victims
In the wake of the tragic events that occurred on Monday, February 6th, non-profit organizations have turned to crypto to receive funds to aid rescue efforts and provide relief to individuals affected by the Turkey-Syria earthquakes.
Non-profit organizations turned to crypto to raise money for the victims of the deadliest earthquake in more than a decade because of the borderless nature of the technology.
Natural disasters make it difficult for individuals to access traditional banking services to obtain funds for essential needs such as medical supplies and food. Crypto will make the process of acquiring funds much easier.
Over $3 Million in Crypto Sent to Non-Profits
Shortly after the tragic event, non-profit organizations in Turkey and Syria send out wallet addresses to raise millions of dollars in crypto. The blockchain analytics firm Nansen tracked three wallet addresses receiving relief funds.
According to data from Nansen, these addresses have received a little over $3 million as of Wednesday, February 8th. The most used tokens include AVAX (39.39%), USDT (32.10%), and USDC (15.03%).
The wallet addresses were posted by Turkish singer Haluk Levent’s charity Ahbap. Other efforts include Turkish exchange Paribu raising funds for two non-profits assisting in the response.
Crypto Firms Promise Even More Support
Binance, the world’s largest cryptocurrency exchange, has promised to donate $5 million in crypto to victims of the natural disaster. Binance will airdrop $100 worth of BNB, the exchange’s native token, to all users in regions affected by the earthquake.
Binance Charity has also launched a public donation address, Emergency Earthquake Appeal, to allow individuals to send in funds in several cryptos, including BTC, ETH, BNB, BUSD, and XRP.
The Avalanche Foundation has pledged $1 million, while BitMEX has announced that it will contribute the proceeds from its recently held Trading Competition to Turkey’s Red Crescent organization.
On the Flipside
There are reports of crypto addresses approved by Turkey’s Financial Crimes Investigation Board (MASAK) despite the national central bank’s ban on crypto payments in April 2021.
Why You Should Care
Cryptocurrencies are becoming the go-to assets for donations because their boardless nature makes sending funds during emergencies easier and more trustworthy.
Read more on crypto donations below: Crypto Donations Are Crucial For Ukraine’s Defense, Says Deputy Minister
Read what the Turkish president thinks about crypto below: Turkey’s President Embraces Cryptocurrency and the Metaverse