Some cryptocurrency companies have pledged to help coronavirus victims in Wuhan, China. The most famous example is again the Binance cryptocurrency exchange, which committed to donate as much as 10 million yuan (that’s about $ 1.5 million) to this noble cause. The platform is known for its charitable activities.
The project aims to build a trading platform and is supported, among others by billionaire VC fund Tim Draper.
The cryptocurrency community helps coronavirus victims
In a tweet, on January 25 Binance CEO Changpeng Zhao (CZ) wrote that Binance undertakes to donate approximately USD 1.5 million to victims of a serious illness.
For #Wuhan, not realistic to do crypto to end beneficiaries.
Binance pledged 10m RMB ($1.5m USD) to help #coronavirus victims.
We didn’t make any announcements. But BCF/Binance team has been busy for the last few days.
Still need help to arrange logistics locally.🙋♀️ https://t.co/UH6FXgVSrX
— CZ Binance (@cz_binance) January 25, 2020
Also, the Krypital company, which deals with marketing in the blockchain technology market, has started its charity collection, which aims to buy medical supplies for victims of the coronavirus in Wuhan. She also announced that she would create a blockchain-based donation system that would allow greater transparency and efficiency in the entire process. The company accepts Tether ( USDT ), which is a stablecoin based on the Ethereum blockchain.
The company also recruits volunteers for the administration of the group, which helps in the collection, as well as people to coordinate purchases needed for victims of things, manage the process of sorting goods and transporting them.
Charity and cryptocurrencies
It is worth recalling that this is not the first time that digital currencies have proved to be a useful tool for charity. Already six years ago, the American Red Cross reached an agreement with BitPay, a leading payment operator on the cryptocurrency market, thanks to which the organization was able to receive grants at BTC .
Binance itself also organized a collection of cryptocurrencies for charity on the occasion of the floods in Japan in 2018.
“To help out the victims in West Japan that were affected by the heavy rains on 7/7/2018, Binance is donating $1,000,000 USD and calling for our crypto friends and partners to join us in the relief initiative.”
– the company wrote in social media.