The coronavirus pandemic has taken the whole world by storm and there seems to be no improvement in sight. With that said, Binance is trying to save a few lives via its recently launched ‘Crypto against COVID’ charity venture. They aim to collect $5 million US dollars in cryptocurrencies for purchasing medical stock for the worst hit regions.
According to Changpeng Zhao, founder and CEO of Binance, “The crypto community is a growing force and we have an opportunity to strengthen this through philanthropy. We encourage the community to take part in this initiative as we unite against COVID-19, and together, we’ll drive impact.”
Binance is spearheading these efforts with a starting contribution of $1 million US dollars and vows to match another million dollars of public donations collected. It’s also not new to charity. In January of this year, Binance set up the “Binance for Wuhan” project that saw it commit roughly 1.4 million USD worth of medical stock to help alleviate the situation in China.
According to Helen Hai, the head of Binance Charity, “The most important element of human life is to show compassion and help others as we can, without the limitation or restriction of borders. Blockchain technology enables this in greater capacities than ever before and Binance Charity wishes to bring this to the masses.”
Up to March this year, Binance has supplied 366,000 pairs of medical gloves, 5 tons of disinfectant barrels, 7,850 safety gowns, 20,000 pairs of medical goggles, 388 portable oxygen concentrators, 5,280 hand sanitizer bottles and 1,000 germicidal light lamps to about 300 health centers in several cities such as Shanghai, Guangxi, Sichuan, and Hubei.
The Binance Charity has been designed to accept donations in a few different cryptocurrencies. These include Bitcoin, XRP, Binance Coin, and BUSD. Additionally, Binance maintains that the donation and collection process will be 100% transparent. All the donations will be published on the Binance Charity website and all donations collected will be solely for charitable purposes.
At the time of writing this, there have been so far 33 donations with a combined total of 186.39 BTC donated. A look at the donation records reveals the name of the donor, the currency donated, the amount of currency donated, and the date of donation. Some donations remain anonymous. But we can agree that full transparency is in effect here. So far, none of the funds have been allocated anywhere.For those who are impressed by Binance Charity’s efforts to help and would wish to donate to help those affected, feel free to do so here.