Binance Charity Launches Blockchain-powered Fundraising To Tackle COVID-19
Binance Charity Foundation (BCF), the philanthropic arm of cryptocurrency exchange Binance, initiated a new fundraising project to help tackle the coronavirus (COVID-19) pandemic globally. The project is looking to raise $5 million in cryptocurrencies.
The foundation will make the initial upfront donation of $1 million in its native stablecoin Binance USD (BUSD), and set up a wallet for public donation. It will also match $1 million of public donations received. Additionally, it commits to donate up to $2 million through the #CryptoAgainstCOVID social media campaign.
Binance plans to convert the BUSD to fiat and purchase supplies from vetted suppliers and ship the supplies to the targeted hospitals in affected countries.
The deadly virus that struck first in Wuhan, the capital of Hubei province in People’s Republic of China, is spreading its tentacles across the globe. As of this writing, the number of COVID-19 cases worldwide has exceeded 490,000, with more than 22,000 deaths reported.
Following the outbreak of the coronavirus in December 2019, Binance immediately launched the “Binance for Wuhan” project and committed to a donation of about $1.4 million worth of medical supplies to support the battle against the virus in China.
The new project titled “Crypto Against COVID” will use the amount collected primarily on buying medical supplies for countries like Italy, Germany, Spain, the Republic of Korea, Iran, Turkey, U.S., and the U.K., which are among the worst affected.
BCF leads this mission of searching for qualified medical supplies from all over the world and directly delivering them to as many hospitals in infected areas as possible.
BCF is accepting donations in cryptocurrencies such as BNB, BTC, BUSD and XRP on the blockchain-powered Binance Charity platform, which ensures that all donations and allocations for each project are recorded on blockchain and open to the public for verifications.
BCF is a not-for-profit organization dedicated to the advancement of blockchain-enabled philanthropy towards achieving global sustainable development, with “Blockchain for social good” as its motto.
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