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Binance co-founder Changpeng ‘CZ’ Zhao is donating 500 BNB each to Thailand and Myanmar. He plans to distribute these funds through Binance and Binance Thailand if no suitable on-chain donation platform is available. Crypto donations are expected to provide faster relief after the earthquake, with a magnitude of 7.7, which resulted in severe damage to buildings and widespread flooding.
In an X post on March 28, Changpeng wrote, “I hope everyone is safe in Thailand.” He then announced that the company would be sending money to both countries affected by the earthquake.
A known news website reports that at least 144 people have been confirmed to have lost their lives as a result of the terrible earthquake. First responders in both countries are still working to free people who are trapped under the rubble.
Myanmar and Thailand Hit by Severe Disasters
The earthquake struck on March 28 at around 1:20 PM local time. The earthquake’s epicenter was about 10 miles (ca. 16 km) from Mandalay, which is Myanmar’s second-largest city.
As relief efforts continue, the number of deaths in both countries is likely to rise. 732 people were hurt in the earthquake, according to reports.
The leader of Myanmar’s junta, Min Aung Hlaing, has urged any country willing to assist with disaster relief. He has asked them to provide whatever help they can.
Donations in Cryptocurrency Help More People During Crises
Cryptocurrencies work well for disaster relief because they’re easy to use across borders, have low costs, and settle quickly.
In 2021 when Vitalik Buterin, co-founder of Ethereum, donated over $1 billion worth of Shiba Inu (SHIB) cryptocurrency to help with the COVID-19 disaster in India.
Another notable example was when, in February 2023, a kind person named Haluk Levent began collecting crypto donations. This was for disaster relief after a 7.8 magnitude earthquake hit Turkey and Syria.
The Giving Block is an organization that helps nonprofits accept crypto donations. They also used crypto to raise funds for the victims of the Maui wildfires in 2023 and were able to give over $1 million to the relief effort.
More recently, in January, The Giving Block began an emergency relief fundraiser to help people in Los Angeles and nearby areas who had been affected by the California wildfires.
As of now, they have raised more than $1 million for the relief fund for California wildfires. Now, as we continue to see such efforts by various big players from this industry, the crypto industry is also gradually filling some of the gaps in disaster relief, which will undoubtedly help make humanitarian aid more effective.
