As the coronavirus pandemic is still wracking the havoc in the world, the largest Bitcoin and cryptocurrency exchange has decided to support hospitals that are dedicatedly working to help infected patients. Nowadays, most people hesitate to make donations as they cannot track their contributions to know if the help is reaching those in need. Therefore, Helen Hai -the Head of Binance charity decided to establish Binance Charity’s Crypto Against COVID fund as first of its kind transparent donation fund, properly based and running on blockchain technology.
While sharing the recent milestone where the exchange donated thousands of PPE kits to New York hospitals, Hai said, “This is the time when we need to come forward to join efforts to fight back this pandemic crisis.” She further explained that “Combining the advanced technology and desire to help others will give rise to the charitable deeds while prioritizing transparency.” This charitable fund based on blockchain technology allows donors to track their donation, right from the beginning to the delivery of the masks through the special ledger and assigned donor identification number.
Thanks to the constant public support, Binance Charity, who started this fund with $1 million donations (Equal to cryptocurrency), has now reached up to $4 million donations. All of the gathered funds are going toward buying PPE kits for hospitals with the highest number of corona cases. Currently, there are 11 hospitals in New York that are receiving medical help from this Crypto COVID fund. The representative of the Binance Charity further explained that “the team is currently focusing on New York as the city has become the epicenter of the COVID-19 pandemic which has led to the shortage of the medical equipment.”
This remarkable initiative taken by the Binance Charity will indeed set an example for authorities who are willing to distribute funds to those who need them.