Binance Co-Founder Changpeng Zhao has announced a donation of 500 BNB to each of Thailand and Myanmar. The total donation amounts to $624,366.5. The funds are intended to support relief efforts after a 7.7-magnitude earthquake struck the region on March 28.

The earthquake caused severe destruction and flooding. The worst-affected area was near Mandalay, Myanmar’s second-largest city. Officials have confirmed at least 1600 deaths, with hundreds injured. The death toll may rise as rescue operations continue.

Myanmar Seeks Aid After Devastating Quake

Zhao made the donation announcement on X. He stated that the funds would be distributed through Binance and Binance Thailand unless an on-chain third-party donation platform is available.

Myanmar’s junta leader, Min Aung Hlaing, has appealed for international aid. The earthquake’s epicenter was about 16 kilometers from Mandalay.

Crypto Funded Maui, Turkey-Syria Relief

Cryptocurrency donations have been used in previous disaster relief efforts. In 2023, The Giving Block raised over $1 million for victims of the Maui wildfires. Following the Turkey-Syria earthquake in 2023, crypto donations played a key role in raising funds.

Cryptocurrencies provide a fast and cost-effective way to transfer funds across borders. Their use in disaster relief efforts has grown in recent years.

Zhao Restructures Binance Labs into YZi

After his prison release, Zhao, known as “CZ,” is restructuring his business operations. His net worth, estimated at $70 billion. This has led to the transformation of Binance Holdings Ltd’s former venture capital arm, Binance Labs, into a family office now named YZi Labs, as reported by Finance Magnates.

Managing approximately $10 billion in crypto assets, YZi Labs will also oversee Zhao and co-founder Yi He’s wealth. The firm plans to expand its investment focus beyond crypto into AI and biotechnology while growing its team.

This article was written by Tareq Sikder at www.financemagnates.com.TrendingRead More

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