UN agency accepts first stablecoin donations worth $2.5M to help Ukrainian refugees

Crypto donations have proven vital for Ukraine and its people, as the country has received over $100 million in crypto donations since the conflict broke out.

The United Nations High Commissioner for Refugees (UNHCR), a UN agency for refugees, has accepted its first-ever crypto donations toward humanitarians aid for Ukrainians fleeing the war-torn nation.

UNHCR accepted $2.5 million in Binance USD (BUSD) stablecoin donations from Binance Charity that would be utilized to rehabilitate and support refugees fleeing to neighboring countries from Ukraine.

According to a report from the USA for UNHCR, more than 10 million people have been displaced from their homes in Ukraine, and the agency will use crypto stablecoin charity funds to provide legal and social assistance.

Marie Grey, Executive Director and CEO of USA for UNHCR said that the crypto donation will prove vital in its efforts to help as many families as possible. Grey also lauded the global crypto community for helping Ukrainians at this time of crisis and said:

“This generous support will make a life-changing difference for families forced to flee, and more importantly, it shows families that a caring and committed global community is stepping forward to help during their darkest times.”

The conflict between Russia and Ukraine has created a humanitarian crisis in the region. Cryptocurrencies have proven to be one of the biggest mediums of aid for the troubled nation as it has received over $100 million in tracked crypto donations since the war began.

When Ukraine was pleading with other countries for assistance and had raised several calls for aid in any form, crypto donors from around the world came together to donate millions. These crypto funds have already proven vital for the country to support various evacuations and rehabilitation efforts to help and save as many lives as possible.

Ukraine has not just embraced crypto for donations; the country legalized digital assets and even launched its own nonfungible token collection to raise more funds.