Crypto Donations Surge 100% to $1 Billion in 2024 for Earthquake Relief

Cryptocurrency donations have surged to over $1 billion in 2024, with a significant portion of these contributions directed towards emergency relief efforts following the devastating earthquake in Thailand and Myanmar. The 7.7 magnitude earthquake, which struck on March 28, resulted in widespread destruction and loss of life, with at least 2,719 fatalities in Myanmar and 18 in Thailand, and 76 people still unaccounted for.

In response to the crisis, Binance co-founder Changpeng “CZ” Zhao made a substantial donation of 1,000 BNB tokens, valued at nearly $600,000, to support the relief efforts. This donation came nearly a week after Zhao initially pledged to donate 500 BNB, doubling his commitment in response to the growing needs of the affected regions. The crypto donations have become a crucial lifeline for the disaster-stricken areas, particularly due to banking restrictions caused by damaged infrastructure.

Cryptocurrency-based donations have gained traction for their efficiency and speed in emergency situations. Anndy Lian, an author and intergovernmental blockchain expert, highlighted the unique advantages of crypto donations. “Speed is a key factor—transactions on blockchain networks can settle in minutes, bypassing the delays of banks or intermediaries, which is critical when time saves lives,” Lian explained. He also noted that in disaster-stricken areas, crypto can reach recipients directly via digital wallets, eliminating the need for SWIFT codes or wire transfers.

Lian himself contributed 44 BNB tokens to the relief efforts, a move that was publicly praised by Zhao. The growing role of cryptocurrency in humanitarian aid is further exemplified by Ethereum co-founder Vitalik Buterin, who has been known for his significant crypto donations, including a contribution of over $180,000 in Ether to the biotech charity Kanro in October.

The Giving Block, an organization facilitating crypto-based emergency relief efforts, has launched an initiative to raise $500,000 for the devastated regions of Myanmar and Thailand. The organization expects crypto donations to reach $2.5 billion in 2025, driven by increasing crypto wealth generation and a more favorable political landscape for digital assets. This surge in donations reflects the growing acceptance and utility of cryptocurrency in addressing urgent humanitarian needs.