Devastating earthquakes devastated Syria and Turkey earlier this week, sparking a humanitarian and infrastructure crisis in the quake-hit regions. Crypto companies like Binance, KuCoin, OKX and Bitfinex have joined forces to provide immediate financial aid to victims of the natural disaster. These crypto firms have collectively pledged $9 million (around Rs.75 billion) in emergency funds for Syria and Turkey. The Avalanche Foundation has also donated US$1 million (approximately Rs.8 billion) to the relief effort.
In the most affected regions of Turkey such as Gaziantep, Kilis, Kahramanmaraş, Adana and Malatya binance has decided to throw his native out of the air BNB token worth $100 (approx. Rs. 8,267) for its customers.
“User identification is based on a Proof of Address (POA) completed before February 6 in 10 cities where the earthquake had a significant impact. Although the POA method has its limitations and inaccuracies, it is the best method available to us to locate potentially affected users. We estimate that the total donations will be around US$5 million (around Rs.40 billion).” Changpeng Zhaowrote the CEO of Binance in a blog entry.
The BitMEX cryptocurrency exchange has decided to donate the proceeds from its recently held trading contest to the Turkish organization Red Crescent.
Our thoughts are with all the people affected by the tragic earthquake in Turkey and Syria today.
BitMEX is donating the proceeds of this week’s trading contest to the @Red Crescentand we encourage those who can donate to do the same. #GeçmişOlsunTurkiye
– BitMEX (@BitMEX) February 6, 2023
Meanwhile, Haluk Levent has partnered with charity Ahbap to create a multi-signature wallet to accept crypto donations for relief funds for affected areas. The wallet is based on the BNB blockchain. The block reports that Levent’s digital wallet has already raised $170,000 (roughly 1.4 billion rupees) in Binance’s USD stablecoins.
A strong earthquake measuring 7.5 on the Richter scale struck Turkey on February 6, affecting several regions including Cyprus, Jordan, Lebanon, Iraq and Syria. Turkey and Syria have emerged as the most affected regions.
Videos of buildings collapsing in the blink of an eye during the earthquake have surfaced on social media. The death toll from the earthquake allegedly passed the 7,800 mark on Wednesday.
