Binance co-founder Changpeng “CZ” Zhao is donating 500 BNB (BNB) each to Thailand and Myanmar following a 7.7 magnitude earthquake that caused severe damage to buildings and widespread flooding.
Zhao plans to distribute the funds through Binance and Binance Thailand if a third-party onchain donation platform cannot be found to distribute the disaster relief funds.
“I hope everyone is safe in Thailand,” the Binance founder wrote in a March 28 Xpost before announcing the contributions to both countries affected by the earthquake.
According to The Guardian, at least 144 people are confirmed to have died as a result of the catastrophic earthquake as first responders in both countries continue rescue efforts to free people trapped under rubble.
Disaster strikes Myanmar and Thailand
The earthquake struck on March 28 at approximately 1:20 PM local time. The epicenter of the earthquake was approximately 10 miles from Mandalay — the second-largest city in Myanmar.
The death toll in both countries is expected to rise as relief efforts continue, with 732 individuals reportedly injured as a result of the earthquake.
Myanmar’s junta chief Min Aung Hlaing has called upon any country willing to help with the disaster relief efforts to provide any aid it can.
Crypto donations amplify aid during times of crisis
The cross-border efficiencies, low transaction costs, and near-instant settlement times of cryptocurrencies make digital assets an ideal medium for disaster relief funds.
Following a 7.8 magnitude earthquake that impacted Turkey and Syria in February 2023, philanthropist Haluk Levent began collecting crypto disaster relief donations.
The Giving Block, a company that works with nonprofit organizations to facilitate crypto donations, also used crypto to raise funds for the victims of the Maui wildfires in 2023 and managed to give over $1 million to the relief effort.
More recently, in January, The Giving Block started an emergency relief fundraiser for those impacted by the California wildfires in Los Angeles and the surrounding areas.
At the time of this writing, the organization has raised over $1 million for the California wildfire relief fund.