The cryptocurrency and blockchain technology market has pledged to help victims of coronavirus in Wuhan, China. The most famous example is again the action of the Binance stock exchange, which pledged to donate as much as 10 million yuan (about 1.5 million dollars) for this noble cause. The platform is known for its charity work.
The cryptocurrency market helps victims of coronavirus
In a tweet of 25 January, Binance’s CEO, Changpeng Zhao (CZ), wrote that Binance is committed to donating approximately $1.5 million to the 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
In turn, Krypital, a marketing company in the blockchain technology market, has launched its charity collection to purchase medical supplies for coronavirus victims in Wuhan. It also announced that it will create a donation system based on blockchain, which will allow for greater transparency and efficiency of the whole process. The company accepts the stablecoin Tether (USDT), which is based on blockchain Ethereum.
The company also recruits volunteers for the administration of the group that helps with the collection, as well as people to coordinate the purchase of goods needed by victims, to manage the process of sorting goods and their transport.
Charity and crypto
It is worth taking this opportunity to recall 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 came to an agreement with BitPay, the leading payment operator in the cryptomarket, thanks to which the organization was given the opportunity to accept grants at BTC.
Binance itself also organized a cryptocurrency collection for charity on the occasion of the floods in Japan in 2018.
“To help victims in western Japan affected by the heavy rain on July 7, 2018, Binance donates $1,000,000 and calls on our friends and partners to join us in the relief effort.
– the company wrote in the social media.