Binance Charity, a blockchain NGO, striving to fight various social problems, is now up-in-arms with the on-going COVID-19 pandemic. In a recent press release, the NGO announced that it would be launching a ‘First-ever, fully-transparent campaign’ to provide relief to affected countries worldwide. The campaign titled, ‘Crypto Against COVID’ aims to raise funds from the blockchain and cryptocurrency markets to combat this global pandemic.
The Head of Binance Charity, Helen Hai, said, “Binance is proud to help those on the front lines of the fight against the global pandemic, through direct contributions and a platform that will continue to help long after COVID. Blockchain is a powerful antidote to a problem that has long plagued the philanthropy sector: distributed ledgers have the speed, scalability, and immutability to alleviate donor concerns, ultimately maximizing charitable impact. At Binance Charity, our mission is to amplify the use of this cutting-edge technology for social good, and with COVID-19’s unprecedented arrival and startling spread, we have provided a trustworthy approach to remedying the spread of the pandemic.”
Binance Charity so far has provided thousands of PPE kits (personal protective equipment) to hospitals in China, Italy, Spain, and other severely affected countries. The organization firmly believes that most people are unable to track their donations due to the lack of transparency. Therefore, they have ensured that their campaign will be 100% transparent. They have taken the fight against the Coronavirus to the crypto market, where donors can track the funds using a unique transaction ID.
Focusing their efforts on New York, the press release further mentioned that the magnitude of cases in the city was severe. New York is the worst-affected state in the USA, with over 387,000 people affected with Coronavirus. They selected 11 hospitals in the city to fulfill the urgent need of N95 masks. The hospitals that benefitted in the city included NY Presbyterian Hospital, NYU Langone, Lenox Hill Hospital, Mount Sinai Beth Israel, Staten Island University Hospital, Huntington Hospital, Walter Reed Army Medical Center, among others.
Binance had started a social impact cryptocurrency called PPE Token, which showed the powerful impact of cryptocurrency. They successfully managed to deliver 200,000 N95 masks untampered to eleven hospitals in and around New York. PPE Token had administered complete transparency on its public ledger. It provided information regarding the channels from where the donations came, its distribution, and how it was redeemed. It included the details of the purchase of the N95 masks, flight details for transporting them, and also photographic evidence of hospitals receiving them.
The Crypto Against COVID campaign has managed to raise over $4 million till now, which has allowed them to provide around 1 million healthcare kits to hospitals around the globe. Countries like India, China, Italy, Spain, Turkey, the United States, and more have been gravely affected during this pandemic and have immensely benefitted from this fundraiser.
The founder and CEO of Binance, Changpeng Zhao, mentions on their website, “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 one of the world’s major cryptocurrency exchange. It started its Blockchain Charity Foundation in 2018, intending to change the transparency aspect of donations. Besides, the COVID-19 crisis, this foundation has strived to part-take in several other social problems that are faced globally. They aim to unite the global crypto community to eradicate the root cause of social issues and transform into a better society.