Top-tier crypto exchange platform Binance has reportedly introduced a crypto card enabling Ukrainian refugees to carry out crypto transactions and receive funds via the Binance Visa Card.

Specifically, Binance reportedly revealed that it is currently teaming up with a few entities, including European banking-as-a-service platform Contis and nonprofit organizations Rotary and Palianytsia, to come up with a measure assisting people under the impact of the Ukrainian conflict in transferring and receiving funds, and make purchases within the European Economic Area (EEA).

Besides opening up the crypto feature for transferring funds, recipients of the card who completed the verification process with their local nonprofit organizations will be subjected to financial assistance from Binance, in the form of Binance USD (BUSD).

Particularly, a total of 75 BUSD will be sent to the users on a monthly basis for three months, the donation amount suggested by the United Nations High Commissioner for Refugees (UNHCR).

Helen Hai, head of Binance Charity, further revealed that the card does not function as a “commercial product”, with its primary target being offering a medium of payment that operates normally to support receiving and spending donations. 

Per Hai’s explanation, this is a crucial method for the global market to view the way crypto can take charge of a vital role in society.

“The whole world is able to observe the important role which cryptocurrency plays, and how it transforms our reality. It is a cryptocurrency that plays a key role in raising vital funds and providing much-needed humanitarian assistance to Ukraine.”

Hai additionally noted that the development is a good instance of the way crypto can be utilized not only as a means of transaction but also as a means of payment.