In an effort to alleviate some of the destruction caused by the recent earthquake in Morocco, crypto exchange Binance has launched a fundraising campaign for its affected users.
In total, the CEX is prepared to airdrop $3 million worth of Binance Coin (BNB) to victims, with eligible recipients being those who verified that they live in the Marrakesh-Safi province prior to September 9th- i.e. the most significantly-impacted region.
Here, each eligible user will be able to receive $100 worth of Binance Coin (BNB)- which equates to around 0.47 BNB.
In ensuring that all affected users receive some form of aid, those who complete the address verification process after September 9th will receive $25 worth of BNB, whilst other ‘active transacting users across Morocco’ will be airdropped $10 worth of the coin.
Across these different eligibility criteria, Binance expects the airdrop to incorporate around 70,000 different wallets.
Per the company itself, the rationale behind the endeavor is as follows:
“In the aftermath of natural disasters, people often lose access to traditional banking at the exact moment when extra funds are needed to help cover medical supplies, food, and other essential needs… Crypto transfers are now increasingly being used to deliver financial aid to disaster victims as they provide fast, low-cost, borderless, and transparent transactions”.
The company’s infamous founder and CEO CZ also had a few words to say:
“The impact of the earthquake on the Moroccan people is devastating. We hope we can bring some support to those affected. For Moroccan users who receive these donations but are unimpacted by the earthquake, we ask them to pass the funds on to those most in need”.
Just as pivotally, the Binance Charity has also launched a public donation address for crypto community members to send funds to. Such ‘Emergency Earthquake Appeal’ fund- which will later be distributed to a TBA NGO - accepts a range of crypto coins, including Binance Coin (BNB), Bitcoin (BTC), Ethereum (ETH), USDC, USDT, and BUSD.
Although coming amidst disaster, Binance’s ability to seemingly send monetary aid to victims via crypto is indicative of DeFi’s dynamic, resilient and no-nonsense prowess when it comes to payments and money transfers (although don’t expect this incredibly positive use case to ever reach mainstream headlines).
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This article is intended for educational purposes and is not financial advice.
