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.
I will donate 500 BNB each to Myanmar and Thailand.Is there a transparent on-chain donation system with DID? If not, I will rely on @Binance and @Binance_TH_ to distribute.
— CZ 🔶 BNB (@cz_binance) March 28, 2025
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.
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