The co-founder of Binance, Changpeng “CZ” Zhao, is contributing 500 BNB (BNB) each to Thailand and Myanmar in response to a devastating 7.7 magnitude earthquake that resulted in significant structural damage and extensive flooding.
Zhao intends to manage the distribution of these funds through Binance and Binance Thailand unless an alternative on-chain donation platform for disaster relief can be identified.
“I hope everyone is safe in Thailand,” the Binance founder shared in a post on March 28, prior to revealing his contributions to the two earthquake-affected nations.
Reports indicate that at least 144 lives have been lost due to the disaster, with first responders in both regions working tirelessly to rescue individuals trapped under debris.
Image Credit: CZ
Related: Thailand regulator approves USDT, USDC stablecoins
Devastation in Myanmar and Thailand
The earthquake occurred on March 28 at around 1:20 PM local time, with its epicenter located approximately 10 miles from Mandalay, Myanmar’s second-largest city.
As rescue operations proceed, the death toll in both nations is likely to increase, with reports of 732 individuals injured as a result of the earthquake.
The leader of Myanmar’s junta, Min Aung Hlaing, has urged any nations willing to assist with disaster relief to offer any help they can.
The Role of Crypto Donations in Crisis Relief
The advantages of cryptocurrencies, such as cross-border efficiency, low transaction fees, and rapid settlement times, make them an excellent option for disaster relief funding.
After the 7.8 magnitude earthquake that affected Turkey and Syria in February 2023, philanthropist Haluk Levent initiated a collection of crypto donations for relief efforts.
The Giving Block, an organization that partners with nonprofit agencies to facilitate crypto donations, also employed cryptocurrency to gather funds for the victims of the 2023 Maui wildfires, successfully donating over $1 million to the relief efforts.
In January, The Giving Block launched an emergency fundraiser for those impacted by the California wildfires in Los Angeles and nearby areas, raising over $1 million for the relief initiative at the time of this report.
Magazine: Crypto is transforming how humanitarian organizations deliver assistance and services