The cryptocurrency industry is donating funds to aid earthquake victims in Turkey. On February 6, 2023, the nation was hit by a 7.8 magnitude earthquake, leading to the death of thousands and many others missing.
Turkey – Highest Since 1939
This is considered the worst earthquake in Turkey since the one in 1939 that killed 30,000 people. In the past 25 years, Turkey has experienced seven earthquakes with magnitudes of 7.0 or higher.
In response to the tragedy that also affected several other countries such as Iraq, Cyprus, Jordan, Lebanon, Syria, Georgia, and Armenia, over 40 blockchain companies have agreed to set up cryptocurrency systems to receive donations. Bitfinex (and Tether), BitGet, and Huobi Global have pledged 5 million Turkish Lira, 1 million Turkish Lira, and 2 million Turkish Lira respectively. Other firms such as Binance and Gate.io have also expressed their desire to assist those affected in Turkey.
Humanitarian Aid Using Blockchain Technology
Cryptocurrencies have been utilized as an effective means for providing aid in disaster-stricken areas. For instance, Oxfam quickly set up a payment system using cryptocurrencies to support citizens of Vanuatu after a cyclone in 2020, benefiting over 5,000 households.
Haiti received cryptocurrency donations worth $60,000 in response to an earthquake in 2021, and Ukraine received over $100 million in cryptocurrency donations following the Russian invasion. Turkey, with its growing interest in cryptocurrency, has also hosted several high-profile crypto events such as Istanbul Blockchain Week.
Dear friends in Turkey…
Our thoughts and prayers are with you during this difficult time following the earthquake. We wish for your safety and well-being, and hope that you are able to find comfort and support from loved ones and the community.
May rescue efforts be successful in finding those who are missing, and may the affected areas receive the aid and resources they need for recovery. We stand with you and hope for a quick return to normalcy for all those affected.