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Crypto Companies Step Forward To Help Disaster-Hit Tukey

In the aftermath of the tragic earthquake that struck Turkey, several crypto currency companies have pledged their support for the victims.

Photo by Chandler Cruttenden / Unsplash

In the aftermath of the tragic earthquake that struck Turkey, several crypto currency companies have pledged their support for the victims. It has been claimed that more than 11,000 individuals have lost their lives due to the earthquake, which struck ten towns, including Kahramanmaraş, Kilis, Adana, and Osmaniye.

Another 20,000 people suffered injuries of varying severity, which prompted members of the crypto currency community to organize humanitarian help.

Binance mentioned that in the aftermath of natural catastrophes, there is typically an interruption in access to a conventional bank. Utilizing crypto currencies is an additional possibility for gaining access to the necessary finances to purchase food, medicine, and other necessities.

An intriguing development occurred in April 2021 when Turkey's government prohibited using crypto assets as a form of payment. Despite this, however, the widespread use of digital assets continued to grow.

The ownership of crypto currencies in Turkey climbed from 25% to 40% in 2022, according to a survey conducted by Statista Global Consumer 2022.

Even though authorities are not very sympathetic to digital assets, several blockchain and research companies operating in Turkey have petitioned the government to make it possible to make donations using crypto currencies.

The petition requests that the government develop crypto currency wallets and make them available to the public through official means. After Russia seized its territory, Ukraine responded in a like manner. Over forty distinct organizations have joined the petition since this article was written.

Companies Dealing in Crypto currency That Have Promised Aid to Those Affected in Turkey

Binance was one of the leading crypto currency companies committed (1) to helping the people affected by the earthquake in Turkey. All Binance users in regions impacted by the earthquake will get an airdrop of 100 BNB from the crypto currency exchange.

The marketplace anticipates donating around $5 million (or 94,000,000 TRY). Additionally, the company announced the introduction of a public contribution address that Binance Charity manages.

In addition to the gift made by Binance, Bybit has also stated (2) that they would contribute $100,000 to the relief efforts following the catastrophe. Although Bitget intends to donate one million Turkish Lira, the Avalanche Foundation has already contributed one million dollars worth of AVAX tokens.

Additionally, Bitfinex, Keet, Synonym, and Tether have devised a strategy to raise 5 million Turkish Lira together. Last but not least, Justin Sun promised to donate one million dollars from Huobi Global. Bybit CEO, Ben Zhou, said:

"We hope that more individuals will become aware of the needs of Turkey and participate in the effort."

In the meantime, there have been rumors suggesting that the quake may have even reached Syria. As a result of the economic restrictions that are now in place against Syria, no assistance is being provided to that country.

The aftermath of a somewhat disastrous occurrence has shown that bitcoin may be useful in various contexts.