Binance co-founder Changpeng “CZ” Zhao has pledged to donate a relief fund of 5,00 BNB each to Thailand and Myanmar following the 7.7 magnitude earthquake that cause severe damage to buildings and widespread flooding.

CZ also revealed that the individual funds will be distributed through Binance and Binance Thailand platforms unless a more reliable on-chain donation platform is identified.

When the news of the earthquake first broke out, CZ was quick to send his regards to the victims affected by the calamity before announcing the contributions to both countries affected by the earthquake.

"I hope everyone is safe in Thailand."

According to news reports, the death count of the earthquake is currently at 144 people as rescue efforts continue to save more people from those still trapped under the rubble.

The earthquake struck the country on March 28 at approximately 1:20 pm local time. The epicenter of the earthquake was approximately 10 miles from Mandalay-the second-largest city in Myanmar.

The death toll in both countries is expected to rise as relief efforts continue, with just 732 individuals reportedly injured as a result of the earthquake.

Myanmar’s military leader Min Aung Hlaing has appealed for international assistance to bolster recovery efforts.

The rising role of cryptocurrency in humanitarian aid

CZ's donation has once again underscored the growing role of cryptocurrency in humanitarian aid, offering cross-border efficiencies, low transactional costs, and near instant transaction speed.

When Turkey and Syria were struck by the 7.8 magnitude earthquake in February 2023, philanthropist Haluk Levent began collecting crypto disaster relief donations.

The Giving Block, a company that works with non-profit organisations to facilitate crypto donations, also used crypto to raise funds for the victims of the Maui wildfires in 2023 and managed to give over $1 million to the relief effort.

In January, The Giving Block started an emergency relief fundraiser for those affected by the California wildlife in Los Angeles and the surrounding areas.