Crypto Donations Amplify Speed and Global Reach During Crisis

• Cryptocurrency donations are providing fast and unencumbered support for disaster relief efforts in Turkey and Syria.
• Chainalysis estimates that over $5.9 million of crypto donations have been made to support the regions’ victims.
• The speed, global nature and transparency of cryptocurrencies make them ideal for raising funds quickly during times of crisis.

Crypto Donations Amplify Speed and Global Reach During Crisis

Since devastating earthquakes hit parts of Turkey and Syria in February, cryptocurrency-based donations have become a powerful tool for providing fast and unencumbered monetary support during times of crisis.

Chainalysis Estimates Over $5.9 Million Donated

Blockchain analytics firm Chainalysis estimates that around $5.9 million of crypto donations have been made to support relief efforts in the region. The Turkish Ministry of Interior’s Earthquake Humanitarian Aid campaign, the Turkish Red Crescent, Save the Children and Project Hope have all received cryptocurrency-based donations, as well as several cryptocurrency exchanges including Binance, Bitfinex, OKX and KuCoin.

Speed, Global Nature Prove Useful

Cointelegraph reached out to Chainalysis to further understand how cryptocurrencies are being used to facilitate these donations. Director of research Kim Grauer highlights the speed at which transactions can be made globally as a major benefit: “Cryptocurrency is cross-border, instantaneous, liquid making it an ideal technology for raising funds and getting them to where they are needed most quickly.“

Transparency Providing Opportunities

„The transparency of blockchains is a unique benefit to cryptocurrency,“ adds Grauer,“providing opportunities to aid organizations to track donations and for law enforcement agencies to identify and trace illegitimate schemes attempting to capitalize in times of crisis.“