Early morning on Monday, earthquakes of huge magnitudes hit Turkey and Syria, which resulted in a great deal of destruction.
This has prompted a number of crypto companies to make donations for aiding the victims, which have now been valued at $9 million.
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Some of the prominent crypto companies that made the donations included Kucoin, Binance, OKX, Bitfinex, and Tether.
The number of casualties in the earthquakes has continued to rise, as there are more than 7,000 people dead and over 20,000 injured.
The collective effort shows that the crypto community is prepared to step up in terms of humanitarian efforts.
Avalanche Foundation also decided to help with the fundraising efforts, as it announced a donation of $1 million worth of AVAX tokens.
Aytunc Yıldızlı, the Executive Director of the Avalanche Foundation, said that Turkey was very close to their community and heart and the funds they are donating would help the people in recovering faster from the tragedy.
He added that it was time for them to come together to show that crypto can be a force for good and represents hope for everyone who is hurting.
Chanpeng Zhao, the CEO of Binance, also tweeted that the earthquakes in Turkey had had a devastating impact on communities and people.
He added that they were hoping to provide relief to people with their efforts and called on their industry peers to come together for offering support in a time of crisis.
Zhao said that it was time for them to take care of their users and added that his exchange would airdrop $100 (1883 TRY) in BNB tokens to the region, which is valued at $5 million.
Not long after news of the earthquake broke and the huge number of lives lost surfaced, a number of companies announced a collective pledge of 5 million Lira.
These companies include Tether, Synonym, Keet, and Bitfinex and the donation will be used for the earthquake recovery efforts.
Tether announced the donation in a press release and said that the scale of the disaster was undoubtedly catastrophic and widespread.
Justin Sun, the founder of Tron, also added his name to the growing list of companies and founders making donations for supporting the disaster relief programs.
He announced that they would donate $1 million in TRX from the Huobi Digital crypto exchange. The crypto community had also come together in a similar manner last year in February.
In what was dubbed the ‘first crypto war’, companies had donated millions for supporting the Ukrainian government as well as NGOs that were operating in the country after Russia’s invasion.
Some prominent names, such as Vitalik Buterin, the co-founder of Ethereum, had also made a donation for helping Ukraine.
Similar to Ukraine’s DAO in the previous year, a number of DAOs have been founded in the last 48 hours for supporting the humanitarian efforts in Turkey in light of the disaster.