Binance co-founder donates $100M in BNB for Thailand, Myanmar earthquake relief
1min read Binance co-founder Changpeng “CZ” Zhao has pledged 500 BNB each to Thailand and Myanmar in response to a 7.7 magnitude earthquake that caused significant damage and loss of life in both countries. The earthquake struck on March 28 at approximately 1:20 PM local time, with its epicenter about 10 miles from Mandalay, the second-largest city in Myanmar. The disaster resulted in at least 144 confirmed deaths and 732 injuries, with the death toll expected to rise as rescue efforts continue.
Zhao announced the donations on March 28, expressing his hope for the safety of those affected in Thailand. He plans to distribute the funds through Binance and Binance Thailand, or through a third-party onchain donation platform if available. The funds are intended to support disaster relief efforts in both countries, which have been severely impacted by the earthquake.
The earthquake caused widespread flooding and severe damage to buildings, exacerbating the challenges faced by first responders and relief workers. Myanmar’s junta chief Min Aung Hlaing has called for international aid to support the disaster relief efforts, highlighting the urgent need for assistance in both countries.
Cryptocurrencies have emerged as an effective medium for disaster relief funds due to their cross-border efficiencies, low transaction costs, and near-instant settlement times. This makes them an ideal tool for amplifying aid during times of crisis. Previous examples include the collection of crypto donations for the victims of the Turkey and Syria earthquake in February 2023, the Maui wildfires in 2023, and the California wildfires in January. These efforts have demonstrated the potential of cryptocurrencies to facilitate rapid and efficient disaster relief.
The use of cryptocurrencies in disaster relief is not only efficient but also transparent, as donations can be tracked on the blockchain. This transparency ensures that funds are used for their intended purposes, providing donors with confidence in their contributions. The ability to quickly mobilize funds and distribute them to those in need is crucial in the aftermath of a disaster, and cryptocurrencies offer a solution that traditional financial systems may not be able to match.
Ask Aime: How will Binance's donation to earthquake victims in Thailand and Myanmar impact the cryptocurrency market?
