Binance Established Blockchain Based Charity Foundation

Binance, the largest crypto exchange in the world, released a report yesterday on crypto donations for the relief funds for the devastating flood in mid-July in South-Western Japan.

The devastating flood resulted in 8 million people being advised to evacuate across 23 prefectures and 225 people dead. The flood also damaged nearly 17,000 houses. The Blockchain Charity Foundation of Binance took the initiative to raise funds in the form of cryptocurrencies to help the flood victims in Japan. Binance’s Blockchain Charity Foundation called for the donations in cryptocurrencies from industry players and individuals to support the residents who are affected by the heavy downpours. In the initiative, the cryptocurrency exchange managed to raise $1.41 million in the form of various types of ERC20 tokens. According to the report, the cryptocurrency exchange Binance donated $505701 for the relief fund of Japan flood victims.

Binance has established the Blockchain Charity Foundation (BCF), a non-profit organisation. The main focus of BCF is to deliver global sustainable developments with the help of blockchain technology. With Blockchain Charity Foundation, Binance is looking forward to reconstructing philanthropy by developing the first decentralized charity foundation in the world. Binance has also announced that it will donate the listing fee directly to the charity. Earlier this month the Chief Executive Officer (CEO) and founder of Binance, Changpeng Zhao said that he is hoping that other cryptocurrency exchanges will also follow his path and donate the listing fees to charitable causes for a greater good.

According to the recent report published by Binance, the foundation took the help of government agencies, organisations, and local Non-Government Organisations (NGOs) to reach out to the masses. As the flood in Japan was massive and it needs immediate support, so Binance transferred 61.9 Bitcoin worth 50 million JPY to Miss Bitcoin Mai, the local supporter. Bitcoin Mai then converted the funds from her account and moved the funds to different organisations.

In the second round, donations were collected using cryptocurrencies directly, as volunteer service provider Open Japan opened a cryptocurrency account. At that time Binance transferred 196.85 Ethereum worth 5.3 million yen to the organisation. The cryptocurrency exchange also donated 1.43 Bitcoin to Bic Camera to acquire appliances for the temporary shelter in Kure City.

On the donations, Open Japan said that

“It was carried out instantly, and after confirming the transfer, we were able to convert it to Japanese yen. Receiving this donation left us with a deep impression of cryptocurrency: both its growing effect on our world and its potential.”