Crypto Firms Leads in Supporting Earthquake Victims in Turkey
The crypto industry is at the forefront of supporting individuals struck by an earthquake in Southern Turkey. The earthquake occurred on February 6, resulting in the loss of hundreds of lives. The leading crypto exchange Binance confessed on Twitter to support the affected individuals.
Dreadful Earthquake in Turkey
On February 6, an earthquake of around 7.8 magnitudes struck Turkey and Syria, leading to the loss of lives and massive displacement of individuals. After the catastrophic event that shook the world to its core, most governmental and private sectors supported the affected individuals.
Mostly, the support provided includes funding, food, medical support, humanitarian aid, and other rescue services.
The crypto industry has joined others to support the earthquake victims. The largest crypto exchange, Binance chief executive Changpeng Zhao consoled the victims on Twitter on February 6. Zhao proclaimed to offer relief to the earthquake victims. He tasked the Binance team to support the victims actively.
Afterward, Gate.io confirmed to support the victims by sending humanitarian assistance in collaboration with the authority in Turkey.
The Hong Kong-based crypto exchange Bitfinex confirmed to extend support to the victims. Correspondingly, Bybit reaffirmed it has already sent relief to Turkey.
BitMEX disclosed plans to reroute the income generated from the Trading Competition to support Turkey. BitMEX inspired a crypto community to find ways to support the victims.
The Singapore-based crypto exchange Bitget donated over $53000 to assist the victims of the Kahramanmaras earthquake. Other crypto firms, including Synonym and Tether, will donate $270000 to Turkey.
Also, the Giving Block, a charity foundation, has confirmed to receive crypto aids that will be channeled to Turkey. The crypto community has confirmed to continue supporting Turkey till it regains strength.
Crypto Activity in Turkey
Turkey has been a burgeoning center of crypto activity. In 2022, Turkey generated a fathomable amount from crypto transactions. As per Chainalysis, Turkey ranks twelfth in crypto transactions. The country yielded $192 billion from crypto activities last year, a 10.5% increase from 2021.
Recently, the central bank of Turkey has made an effort to increase crypto adoption by successfully executing test pilots for the Turkish Digital Lira.
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