A new initiative has been announced by the Binance Charity Foundation for the purpose of promoting better feminine health conditions. The organization serves as the philanthropic arm of top crypto exchange Binance and it recently took to its blog to announce the new initiative, that will work as an alliance of 47 interested organizations.
Binance Charity Foundation is partnering with 46 other organizations to develop the “Pink Care Token” meant to promote access to and better quality of feminine health services in developing nations. Crypto industry insiders like Ripple, crypto assets ventures firm Blockseed Ventures and blockchain smart contract-based security firm Quantstamp.
PCAT will essentially serve as a redemption-only token that will issued on the Binance Chain. Instead of being pegged to any form of fiat currency, it will be pegged to a year’s worth supply of sanitary pads. The first round of delivery of PCAT tokens and the linked sanitary pads
Binance has stated that using blockchain to distribute charity issuances will help to take care of problems like inefficiency and lack of transparency that are usually observed in traditional ways of making charitable gifts or donations.
Commenting on the move, Changpeng Zhao, the CEO and founder of Binance commented:
“Pink Care Token is the first social-impact stablecoin issued on Binance Chain. A part of our mission is to promote the adoption of cryptocurrencies, and I think charity is one of the most effective ways to demonstrate their value and make them available to the people in need.”
Justin Sun, founder of Tron commented:
“There are many ways that cryptocurrency will make the world a better place. Being able to help those in need using cryptocurrency could accentuate the importance of it.”
This new program is definitely a step in the right direction as it will help spread the benefits of feminine health in underdeveloped and developing countries.