High-Tech Charity: A Crypto Exchange Used the Blockchain to Donate P3.5 Million to COVID-19 Relief
Cryptocurrency watchers will know that Binance is currently the largest crypto exchange in the world. Forbes estimates its trading volume reaches $11 billion daily.
Founded in China but now based in Tokyo, Japan, Binance is essentially an exchange that serves as a platform for trading various cryptocurrencies. Investopedia says it has become extremely popular “because of its low transaction fees, high liquidity, and additional discounts if users pay in the native BNB cryptocurrency tokens.”
The exchange supports trading in more than 150 coins, including popular ones like Bitcoin, Ethereum, Litecoin, and its own native BNB tokens.
But what many crypto insiders don’t know is that Binance has a philanthropic arm called Binance Charity. It bills itself as the “first blockchain-powered donation platform dedicated to the advancement of transparent and borderless philanthropy towards achieving global sustainable development.”
Binance now also has an office in Manila, and recently announced it has donated about P3.5 million worth of medical protective equipment to various hospitals in the Philippines. The donation is part of its global Crypto Against COVID campaign, which was driven by donations made via Bitcoin and other cryptocurrencies.
The donated supplies included surgical masks, alcohol, face shields, protective suits, and more and were delivered to 18 medical and government institutions around the Philippines.
And true to its nature, Binance Charity said it paid suppliers of medical equipment in the Philippines in cryptocurrencies such as Bitcoin, BNB, and BUSD, so the whole flow of donation is recorded and shown on blockchain for transparency. The suppliers then used Rebittance Inc., a pioneer local Bitcoin exchange and transfer service licensed by the Bangko Sentral ng Pilipinas and owned by SCI Ventures, to exchange the cryptocurrency into Philippine peso.
Binance Charity also sent relief goods to those affected by the Taal Volcano eruption earlier this year. Volunteers from the Binance Filipino community were also instrumental in distributing relief goods to affected communities.
Binance Charity said it has raised about $4 million in cryptocurrency donations for the Crypto Against COVID campaign worldwide, helping provide medical supplies to at least 17 countries and regions around the world, including the U.S., Italy, Brazil, Turkey, and more.