In an unprecedented show of solidarity, major industry players have quickly mobilized resources to help those affected by the recent tragedy. Cryptocurrency donations have exceeded $3 million dollars, destined to aid victims of the most devastating fire the city has suffered in eight decades. Gracy Chen, CEO of Bitget, confirmed the sector’s commitment stating that they will support the immediate reconstruction and recovery of the community affected in the Tai Po District.
The joint effort of large centralized exchanges has managed to gather a substantial relief fund of approximately 24.78 million Hong Kong dollars. In this financial breakdown, Bitget led the initiative with a contribution of 1.5 million, followed closely by Binance with 1.28 million and KuCoin with $256,000. In parallel, Web3 intellectual property firm Animoca Brands activated a token-based fundraising campaign. This initiative allows the global community to send contributions via wallet addresses on Ethereum and Solana, promising to convert 100% of proceeds to local currency for the Hong Kong Red Cross before December 3.
How do digital assets transform the speed of humanitarian aid in disasters?
On the other hand, the magnitude of the incident at the Wang Fuk Court complex has shocked the region, claiming the lives of at least 128 residents. The fire, which spread voraciously to seven high-rise buildings over two days, has been described by media as the deadliest in the last 80 years.
This tragic event has catalyzed a humanitarian response evoking similar actions from the recent past, such as when the cryptocurrencies sector donated millions following earthquakes in Thailand and Myanmar. Likewise, influential figures like Justin Sun of Tron Network have joined the cause, pledging undisclosed sums to assist families who have lost everything.
From a market perspective, these actions reinforce the utility of blockchain technology beyond financial speculation. The ability to transfer value in a cross-border and almost instant manner is consolidating itself as a vital lifeline for economies or disaster zones with limited banking infrastructure.
Therefore, this type of corporate philanthropy improves public perception of the Web3 ecosystem, demonstrating that companies in the sector are willing to assume social responsibility in critical moments. This marks a mature evolution from purely speculative investment towards real integration with urgent global needs.
Finally, Animoca Brands’ fundraising campaign will remain open until December 2, offering a brief window for international collaboration. The company has guaranteed total transparency, ensuring it will publish a donation receipt with the final amount delivered to relief organizations. As rescue efforts progress, it is expected that these digital funds will quickly translate into medical supplies, shelter, and logistical support for the survivors of this historic catastrophe.
