Binance co-founder Changpeng “CZ” Zhao has announced a significant cryptocurrency donation to support earthquake relief efforts in Thailand and Myanmar.
In a post on the X platform, CZ pledged to donate 500 BNB to each country, amounting to approximately $624,366.5.
The donation comes in response to the devastating 7.7-magnitude earthquake that struck the region on March 28, causing widespread destruction, severe flooding, and a rising death toll.
The worst-hit area is near Mandalay, Myanmar’s second-largest city, where entire communities have been affected.
CZ also inquired about the availability of a transparent on-chain donation system with Decentralized Identity (DID), stating that if such a system is unavailable, he will rely on Binance and Binance Thailand to distribute the funds.
Widespread Devastation and Humanitarian Crisis Unfold
The powerful earthquake has left both Thailand and Myanmar grappling with severe consequences, with at least 144 confirmed deaths and hundreds more injured.
Rescue operations are ongoing, and officials fear the number of casualties may rise as emergency teams continue searching through the rubble.
Myanmar’s military leader, Min Aung Hlaing, has urged the international community to extend financial and material support to aid recovery efforts.
Many homes, businesses, and essential infrastructure have been reduced to debris, leaving thousands in urgent need of shelter, food, and medical assistance.
In addition to the structural damage, heavy flooding has further complicated relief efforts, making it even more crucial for donations and aid to be mobilized swiftly.
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CZ’s Crypto Donation Highlights the Growing Role of Digital Assets in Disaster Relief
The use of cryptocurrency in disaster relief efforts is becoming more common due to its speed, transparency, and low transaction costs.
CZ’s donation reinforces the growing role of digital assets in providing humanitarian aid. Crypto transactions bypass traditional banking delays, ensuring that funds reach affected communities more quickly.
The method of aid distribution has been previously seen in other global crises, including Binance’s past relief efforts and initiatives like Ripple’s $250,000 donation for Hurricane Helene and Milton relief efforts.
By leveraging blockchain technology, donations can be tracked and verified in real time, reducing the risk of mismanagement and ensuring funds are utilized efficiently for their intended purpose.
Global Community Mobilizes Support for Thailand and Myanmar
As Myanmar and Thailand face one of their worst natural disasters in recent years, the global community is rallying to provide aid.
Organizations such as World Central Kitchen (WCK) and Volunteer Florida have begun mobilizing resources to support affected communities.
Other crypto firms and individual donors are also expected to contribute as blockchain-based donations gain traction in humanitarian efforts.
In the same light, Ripple has previously announced plans to match employee contributions at a 2:1 ratio, further amplifying support for those in need during a prior Hurricane, they undertook a $250K donation for hurricane Helene and Milton relief.
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