Crypto exchange Binance has decided to donate a huge sum for the relief efforts in Valencia, Spain. According to the official announcement of the platform, Binance Charity has responded to the devastating floods that hit Valencia by giving the Spanish Red Cross (Cruz Roja Española) a sizeable $3 million donation.
Flash floods brought on by intense rainfall in eastern Spain swept away nearly everything in their path in a matter of minutes. Valencia is one such region where over 200 people have lost their lives.
What Will The Donation Be Used For?
In order to help communities dealing with the effects of the recent natural disaster, this funding is intended to support immediate relief efforts. The Spanish Red Cross will be able to gather essential resources for those impacted thanks to the money from Binance Charity.
Javier García de la Torre, General Manager for Binance in Spain, expressed the company’s solidarity with the affected region, stating, “Our hearts go out to all those affected by the devastating floods in Valencia. At Binance, we are committed to leveraging our resources to provide critical support during these challenging times.”
He adds, “Through our donation to the Spanish Red Cross, we aim to bring relief and assistance to the people who need it most. We stand together with the community in Valencia, committed to helping rebuild and recover.”
Crypto Philanthropy Sees Steady Rise
In recent years, the emerging movement known as “Crypto Philanthropy,” which uses cryptocurrencies as a tool for social good, has grown significantly.
Previously, Ripple made a $250,000 contribution to help in the wake of Hurricanes Helene and Milton.
Ripple had donated this money to World Central Kitchen (WCK) and Volunteer Florida, who in-return used the funds to support impacted communities. Furthermore, Ripple also provided a 2:1 match for contributions from Ripple employees.
Most crypto firms look at these donations as a way to give back to the community and the world. Philanthropic donations not only give a good name to crypto firms, but also strengthen the idea that crypto money is as valuable as any other financial asset.
In addition to the numerous individual donors who are having an impact in the cryptocurrency space, there are numerous companies, projects, and organizations that seek to better the world through philanthropic endeavors.
The total value of cryptocurrency donations over the past few years has surpassed $2 billion. The impact that cryptocurrency has had on social issues, however, is much greater than the amount donated.
The industry’s charitable influence is made possible by a flourishing network of cryptocurrency donors, fundraisers, blockchain businesses, NFT inventors, and forward-thinking NGOs.