Binance Charity Foundation announced recently the launch of a global initiative “Crypto Against COVID”. The initiative aims to raise money from the cryptocurrency and blockchain communities to help to fight the coronavirus pandemic.
Binance Charity, which claims to be the world’s first blockchain-powered nonprofit donation platform, seeks to raise $5 million in cryptocurrencies. The donations will go primarily on purchasing medical supplies for countries, which are worst impacted by the coronavirus outbreak, such as Italy, Germany, Spain, South Korea, Turkey, The US and the UK.
According to Binance, the major cryptocurrency exchange itself will make an initial donation of $1 million USD and commits to donating up to $2 million USD through the #CryptoAgainstCOVID social media campaign.
To meet the goal the exchange has also pledged to match up to an additional $1 million USD in public donations.
Donations, which all will be used for charity, can be made by using cryptocurrencies such as Bitcoin (BTC), Binance USD (BUSD), Binance Coin(BNB) and Ripple (XRP). All transactions will be recorded and displayed on the blockcahin-based Binance Charity website.
Anyone wishing to make a donation can contribute by following the instructions on the official Binance Charity website. According to Helen Hai, the Head of Binance Charity, blockchain can play an important role in helping to save lives:
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
For the moment of press, the initiative gained 17 donations and raised over 152.1070 Bitcoins, worth of over $1 million USD.
As the spread of Coronavirus continues globally, the number of confirmed COVID-19 cases worldwide has exceeded 400,000, according to the WHO on March 26th., the world is coming together to fight the pandemic.
Binance Charity has been making efforts to fight the coronavirus over the last few months. Following the outbreak of the coronavirus in December 2019, the crypto company launched the “Binance for Wuhan” project and donated $1.4M USD worth of medical supplies to support the battle against the virus in China.