Turkey’s Crypto Aiders
Turkey has been hit with the worst of its kind natural disaster in the shape of high altitude and devastating earthquake. However, Turkey isn’t the only one grieving the loss of massive human lives.
While Turkey has lost thousands of lives, similar is the situation in Syria which was also seriously affected by the earthquake.
The whole world is currently showing its solidarity with earthquake-torn Turkey as well as Syria. However, those who came quickly in aid of Turkey included amongst others, global crypto trading and exchange platforms.
When the news of Turkey getting hit by a devastating earthquake, the global crypto community was quick in responding voluntarily.
Scope of Crypto in Turkey
Over the past few years, Turkey had been one of the top markets for global cryptocurrency trading platforms.
The industry became immensely popular when the Turkish lira started to fall which further boosted Turkish investors’ interest in cryptocurrencies.
What is happening in Turkey is that Turkish consumers of crypto are being offered aid by their crypto trading platforms.
Global Crypto Firms’ Initiative to Offering Financial Help
The first one to take the lead in offering financial help to Turkish people was Binance i.e. the world’s leading platform.
The help is also being offered to consumers’ affected families, friends, neighbors, and those whom consumers know were badly affected.
Binance has announced financial aid of $100 in the shape of BNB tokens to its Turkish-based customers. These funds shall be airdropped into the accounts of Binance’s customers in Turkey.
It would hence be the responsibility of these customers to provide these funds directly to affected families. It has been proposed that funds shall be provided on pre-determined criteria.
For instance, the funds shall be offered exclusively to those Turkish customers of Binance who live within the most affected areas.
Secondly, an identification process has been put in place through which Binance shall disburse the financial aid.
It has been announced by Binance that it has earmarked $5 Million worth of BNB tokens which shall be distributed as financial aid.
Crypto Aids Increment
From the inception of cryptocurrencies, the industry has been contributing to offering financial aid from time to time.
When there is a local or international level disaster, the crypto industry is amongst the first to respond by offering financial help.
This then established the concept of ‘crypto aids’ which grew exponentially over the years.
A recent example of massive crypto aid could be seen in Russia’s war against Ukraine.
Ukraine was heavily funded by the crypto industry in much-needed times. It was on the basis of crypto aid that Ukraine was able to hold its ground against massive Russia.
Even the country’s premier requested the crypto community as well as the international community to ensure sending aid in crypto.
Charity Campaign of Binance
Meanwhile, Binance has also launched a ‘Charity’ program in which the firm is seeking donations from worldwide communities.
Binance has proposed that funds in Charity shall be converted into Turkish lira and handed over to a responsible Turkish NGO.
It was stated by Binance that it hoped to speed up relief work so as restore normal life in Turkey.
On the other hand, global firms such as Okx, Coinbase, Bybit, Huobi, etc. also have committed to providing financial aid to Turkey.
For instance, Okx has said that it shall be donating $53,000 to an NGO in Turkey for helping with the affectees of natural disasters.