Binance, the biggest cryptocurrency exchange in the world organized 1,100 Pink Care Tokens (PCAT) and distributed 1,100 packs of reusable, clean, sanitary pads to 1,100 girls at NakigoS School in Uganda via its charity platform, Binance Charity Foundation (BCF).
A tweet made on August 2, from the official tag of Binance (BinanceUG) read,
“Girls at @NakigoS lined up to get registered for the Pink Care Token project. @BinanceBCF volunteers verified their information and took photos to build up a profile for each one of them. So far, 1100 girls have redeemed the #PCAT they received for sanitary pads. #binancecharity”
BCF has collaborated with 47 organizations to release the Pink Care Token (PCAT) with the aim of empowering 1 million women in developing countries to improve feminine health and wellbeing. It is a redemption-only token that guarantees complete transparency, no corruption and minimum exchange costs. Binance Uganda Exchange will provide the redemption service for the Pink Care Token, and people can redeem the token for the local currency.
In an innovative approach, each PCAT has been pegged to one year of worth feminine sanitary products rather than fiat money.
The co-founder and CMO of Binance has said,
“For women living in cities, life seemed less tough; using sanitary pads during their period is a routine that most girls take for granted. However, for many African girls, there is still a major stigma that attached to their period and using sanitary pads is seen as a luxury. Let’s make period poverty a thing of the past thanks to Pink Care Token,”
The Binance Charity Foundation is devoted to achieving Sustainable advancement globally with the help of blockchain. It is headed by UNIDO Goodwill Ambassador Helen Hai, along with President of Malta, Marie-Louise Coleiro Preca, as the Advisory Board Chairman.
While many philanthropic foundations, NGOs and corporations have worked on this social problem, there has also been tremendous inefficiency and lack of transparency in traditional ways of charity. Blockchain-based philanthropy may offer a new perspective and effective solutions to these issues.