Millions of crypto donations are pouring into Turkey following devastating earthquakes. Major donors include Avalanche, an open source decentralized blockchain, and Bybit, a crypto exchange.
Not only that, Binance, Tether, Bitfinex, OKX, and Kucoin also pledged more than $9 million in donations to help victims of the massive earthquakes that struck Turkey and Syria early Monday morning.
As noted on Twitter:
Crypto donations to Turkey's earthquake relief efforts now amass $2m, only a few hours after the wallets were set up https://t.co/rLKbAwTvld pic.twitter.com/bkMMLWnxrU
— ekin (@eking0x) February 7, 2023
Crypto aid: Avalanche donates $1 million in AVAX tokens
As the death toll continues to rise – more than 7,000 dead and over 20,000 injured – the collective effort shows that the crypto community is once again ready to step up to support humanitarian efforts.
Joining the fundraising efforts, Avalanche Foundation donated $1 million in AVAX tokens. Indeed, Avalanche’s official Twitter profile reads:
The Avalanche Foundation has donated $1M in AVAX to the disaster relief efforts, organized by @haluklevent, for the earthquake that has affected Turkey and Syria. We encourage others to join the effort. https://t.co/Inr7oLX28q
— Avalanche 🔺 (@avalancheavax) February 7, 2023
In addition, Aytunc Yıldızlı, executive director of Avalanche Foundation, said the following:
“Turkey is close to the heart of the Avalanche Foundation and community, and the funds will help people recover faster in the wake of this tragedy. Come together and demonstrate that cryptocurrencies are a force for good and a sign of hope for all of us who suffer.”
Bybit and others are not backing down to provide crypto support for Turkey
In the aftermath of the violent earthquake in Turkey, governments and organizations around the world are quickly coming together. To help the victims, offering assistance in medicine, relief equipment, funding and manpower.
Similar relief efforts are also being pledged by various cryptocurrency trading platforms, including Gate.io, Binance, Bitfinex, Bitget, Bybit, and BitMEX.
Indeed, via Twitter, Gate.io mentioned that the platform has begun preparing aid packages. To help those in the earthquake area in Turkey and will deliver them in coordination with the authorities.
Meanwhile, Binance CEO Changpeng Zhao shared expressions of support and promises of help. These sentiments were also shared by Bitfinex, which said it is working on an aid package to support those affected by the earthquake.
So did Bybit, which echoed sentiments of condolence, stressing that its help is on its way toward those affected in the region. Same goes for BitMEX, which expressed its help by saying it will donate the proceeds from this week’s Trading Contest to the Red Crescent, encouraging those who can donate to do the same.
Concrete steps are also being taken by Bitget, which will donate 1 million Turkish liras to show solidarity with those affected by the earthquake and contribute to relief efforts.
Adding his name to the growing list of founders and companies that are donating to support disaster relief. Tron founder Justin Sun has pledged to donate $1 million in TRX from cryptocurrency exchange Huobi Global.
Crypto donations: Ukraine DAO
This isn’t the first time with Turkey that the crypto world has shown its support in favor of those most in need. Indeed, in February 2022, the crypto community, including several prominent names such as Ethereum co-founder Vitalik Buterin, sent millions in donations to support the Ukrainian government and NGOs working in the area after Russia’s invasion.
Similar to Ukraine’s DAO last year, several decentralized autonomous organizations, or DAOs, have sprung up in the past 48 hours offering support to bolster humanitarian efforts. However, as with all fundraising frenzies in the wake of large-scale disasters. There are always concerns that some may be nefarious attempts to scam well-meaning donors.
Therefore, monitoring these groups is critical to ensure that funds get to those who need them. In this regard, projects such as Endaoment and The Giving Block have decided to facilitate donations to charities using cryptocurrency.
The problem is that cryptocurrency donations can be more complicated than traditional payments or bank transfers when local authorities are less welcoming to digital assets, which are in a regulatory gray area in jurisdictions around the world.
Which is why the blockchain industry and research organizations in Turkey have put together a petition asking the authorities to allow the acceptance of crypto donations in Turkey.
In any case, the more than forty entities that signed the petition to help Turkey are asking Turkish authorities to create “official cryptocurrency wallets and share them through official channels,”.
In much the same way Ukraine did shortly after the start of the war in February 2022, to avoid “harmful aid schemes.”