Binance Pledges Millions in Binance Coin for Earthquake Aid Relief in Morocco
Summary:
Binance pledges millions in Binance Coin (BNB) as aid relief in response to the devastating earthquake in Morocco. Users in affected areas will receive airdropped funds, while those unaffected are encouraged to pass them on to those in need. Binance plans to distribute $3 million worth of BNB and has set up a public wallet for additional contributions. This follows similar efforts by Binance in the Turkish-Syrian earthquake crisis. Cryptocurrencies are increasingly being used for disaster relief and charitable initiatives.
A devastating earthquake hit Morocco, specifically in Marrakech, resulting in over 2,000 fatalities. Binance, the cryptocurrency exchange, has announced its commitment to provide aid relief by pledging millions in Binance Coin (BNB). The company plans to distribute up to $3 million worth of BNB through an airdrop to users residing in the affected areas. The earthquake, categorized as a major event with a magnitude of 7 on the Richter scale, has deeply impacted the Moroccan people. Binance's founder and CEO, Changpeng Zhao (CZ), expressed his sympathy and solidarity towards the country. CZ encourages users to use the funds for those most in need if they were not directly affected by the earthquake. To determine eligible recipients, Binance will utilize a Proof of Address (POA) protocol completed prior to the disaster. Users located in the Marrakech-Safi province, which was the most severely affected region, will receive $100 worth of BNB directly into their Binance accounts. Other Moroccan users outside of this province will receive $10 worth of BNB each. Binance estimates that around 70,000 Moroccan users will be impacted by this aid initiative beginning on September 12. Additionally, Binance has set up a public wallet address to accept contributions in various cryptocurrencies such as BNB, BTC, ETH, USDC, USDT, and BUSD for further assistance. Notably, this is not the first time Binance has provided aid relief through cryptocurrency. In the past, they initiated a similar program for victims of violent earthquakes in the Turkish-Syrian border region. Cryptocurrencies have increasingly become a valuable medium for facilitating aid and charitable efforts in response to natural disasters. Other key players in the Web3 space, including the Sandbox, Bitget, Tether, and Gate.io, also utilized cryptocurrencies to provide support during the Turkish-Syrian earthquake crisis.
Published At
9/12/2023 1:27:07 PM
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