Don’t ‘underrate’ crypto payment superiority, says Buterin

Ethereum co-founder calls cryptos a ‘big boost to international business and charities’

Ethereum co-founder Vitalik Buterin speaks at ETHDenver on 18 February, 2022 in Denver, Colorado                                 
Vitalik Buterin, co-founder of Ethereum (ETH) has said that crypto payments are “superior” and are often “underrated” – Photo: Getty Images
                                

Vitalik Buterin, co-founder of Ethereum (ETH), has said that crypto payments are “superior” and are often “underrated”.      

Buterin took to Twitter to tell his 4.2 million followers on 24 August that cryptos provide “censorship resistance” and are more “convenient”.

The 28-year-old added that cryptos are a “big boost to international business and charity, and sometimes even payments within countries”.

Binance, Mastercard, Argentina and crypto payments

Buterin’s comments come after cryptocurrency exchange Binance partnered with Mastercard earlier this month to launch the prepaid Binance Card in Argentina, which lets users spend their crypto on daily purchases.

Binance said the card was “to bridge the gap between cryptocurrencies and everyday purchases” in Argentina. The card allows new and existing Binance users in Argentina with a national ID card to make purchases and pay bills with cryptos, including Bitcoin (BTC) and Binance Coin (BNB).

Binance Card users will have their crypto converted into fiat currency in real time when using it to make purchases. The card also offers up to 8% in crypto cashback on eligible purchases, and zero fees on ATM withdrawals.

Mastercard is a US multinational financial services corporation, and the Binance Card can be used at the more than 90 million Mastercard merchants worldwide, both in-store and online, as well as in Argentina.

Ukraine and crypto charity  

Since Russia invaded Ukraine on 24 February 2022, the country has received millions in crypto donations.

In April, the USA Office for the United Nations High Commissioner for Refugees (USA for UNHCR) accepted its first stablecoin crypto donation, $2.5m (£2.1m) of Binance USD (BUSD) from Binance.

The donation, sent via Binance Charity, was for families forced to flee Ukraine to neighbouring countries, following the Russian invasion.

Binance said that the donation was a “further demonstration how cryptocurrency is playing a key role in raising vital funds and providing humanitarian aid for the crisis in Ukraine”.

The BUSD donations were earmarked to fund “humanitarian, legal and social assistance including psychosocial support and emergency shelter to people in need”.

Then in July, the Deputy Minister of Digital Transformation for Ukraine said that “crypto has become an essential tool of Ukraine’s defence” against Russian aggression.

Alex Bornyakov tweeted that “despite the bear market” crypto had played a big part in assisting Ukraine during the war effort. He added that cryptos provided flexibility, speed and had “literally saved our soldiers’ lives”.

The Deputy Minister concluded: “Every ‘crypto winter’ leads to a ‘crypto spring‘, but the industry is here to stay.”

Further reading

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