Crypto exchange Bybit has vouched to help communities affected the the floods in Spain. The gesture comes as one of the many initiatives taken by the crypto community to help those who have been devastated by the Spain floods.
Bybit Partners with Admundi
Bybit is collaborating with Admundi, a local non-profit, to offer immediate cash assistance to those who are most impacted in Spain.
With the action, the business has positioned itself as a platform dedicated to social responsibility. The crypto exchange has stated that the devastating floods that have devastated Valencia and other parts of Spain have caused great “sadness for Bybit”
Admundi, a committed group that works to better the lives of underprivileged children, is now putting its resources to work helping the flood victims. With the help of Bybit’s donation, families who have lost their homes and possessions will be able to start again and move over this tragic incident.
With more than 200 fatalities, thousands of people displaced from their homes, and extensive infrastructural damage documented, the impact is enormous. The floods have a substantial environmental impact and are projected to have cost the economy billions of euros.
“The scale of destruction caused by these floods is heartbreaking,” said Helen Liu, Chief Operating Officer at Bybit. “We are committed to standing with the people of Spain during this difficult time. By partnering with Admundi, we aim to provide immediate relief and long-term support to those who need it most.”
Bybit will also keep a careful eye on the situation and might offer more assistance if necessary.
Crypto Support For Communities Rises Amid Crises
Bybit’s support for Spain flood victims comes as a second big step by the crypto community. Previously, Binance had made the decision to contribute a substantial amount to the relief efforts in Valencia, Spain.
Binance Charity donated a substantial $3 million to the Spanish Red Cross (Cruz Roja Española) in response to the tragic floods that struck Valencia.
The concept of Crypto-philanthropy has gained a lot of traction in the previous years with many big players in the market taking a step to help and support those in need.
In the past, Ripple contributed $250,000 to aid people who had suffered from Hurricanes Milton and Helene.
Ripple gave this money to Volunteer Florida and World Central Kitchen (WCK), who then utilized it to help affected communities. Additionally, Ripple matched employee contributions by a ratio of 2:1.
The majority of cryptocurrency companies view these contributions as a means of giving back to the global society. In addition to improving the reputation of cryptocurrency companies, philanthropic contributions support the notion that cryptocurrency is just as valuable as any other type of financial asset.