On March 28, a devastating 7.7 magnitude earthquake struck near Mandalay, Myanmar, leading to widespread destruction and loss of life. In response, Changpeng “CZ” Zhao, co-founder of Binance, has pledged to donate 500 BNB to both Thailand and Myanmar to assist with immediate relief efforts.
The earthquake, which occurred at approximately 1:20 PM local time, has resulted in significant casualties, with reports confirming at least 144 fatalities and numerous injuries. First responders are actively working to rescue individuals trapped in the rubble.
Zhao’s support aims to deliver critical funds swiftly to the affected areas, showcasing the power of cryptocurrency in facilitating direct aid. He expressed his concern for those impacted in a post on social media, reinforcing his commitment to leverage Binance’s resources for humanitarian aid.
If a suitable third-party on-chain donation platform cannot be established, the relief funds will be distributed through Binance and Binance Thailand, ensuring that aid reaches those in need without delay.
Global Call for Aid
Myanmar’s junta chief, Min Aung Hlaing, has urged international support, inviting any country willing to assist in disaster relief efforts. As recovery operations continue, the collaborative nature of the global community’s response becomes increasingly vital.
In recent disaster scenarios, cryptocurrencies have proven to be an effective medium for mobilizing donations swiftly. The unique features of digital assets—cross-border efficiency, low transaction costs, and instant settlement times—validate their role during emergencies. For example, philanthropist Haluk Levent successfully gathered crypto donations for victims of the Turkey-Syria earthquake earlier this year.
Organizations like The Giving Block have been instrumental in channeling crypto donations for various disaster relief efforts, providing timely assistance to those impacted, including over $1 million in support for the Maui wildfires in 2023 and a recent fundraiser for the California wildfires.
As we witness the unfolding events in Thailand and Myanmar, the cryptocurrency community’s capacity for rapid response and support highlights the transformative potential of digital assets in creating a more resilient framework for humanitarian aid.
Source: CZ
