About $6 Million in Crypto Has Been Donated to Victims of Turkey and Syria Earthquake

About $6 million in cryptocurrency has been donated to support relief materials since the devastating series of earthquakes that has bedevilled Turkey and Syria. 

According to a blockchain analytical firm, Chainalysis, about four humanitarian bodies received the donations. The bodies include the Turkish Ministry of Interior Earthquakes Humanitarian Aid Campaign, the Turkish Red Crescent, Save the Children, and Project Hope. 

Investors King could recall that the earthquakes that devastated both Turkey and Syria have claimed more than 50,000 lives with 44,218 people dead as a result of the earthquakes in Turkey alone while 5,914 died in Syria. 

The sad incident has called for sober reflection and commiseration around the world with many countries both far and wide sending support and an emergency rescue team to help with the operation. 

In addition to the above donation, several cryptocurrency exchanges including Binance, Bitfinex, OKX, and Kucoin donated more than $9 million to support the victims.

As part of its effort, Binance announced it would airdrop $100 USD in BNB to users living in Turkey affected by the earthquakes. 

This is however not the first time cryptocurrency will be of great help amid crises or emergencies. It has played a significant role in helping people faster than the traditional financial system. 

For instance, crypto brought millions in aid to Ukraine. By March 28, 2022, a little more than a month after the war began, crypto users had already donated over $56 million worth of cryptocurrency to aid the Ukrainian government and especially citizens who are victims of the war. 

Speaking on the development, Chainalysis Director, Kim Grauer noted that cryptocurrency or blockchain entirely especially because of its transaction speed provided quick money support during time of crisis. 

Additionally, Grauer also highlights blockchain data as another strong argument for the utility of cryptocurrency in facilitating donations and support during crises and major emergencies.