Binance to help fight coronavirus with a new charity

Binance to help fight coronavirus with a new charity

  • Binance Charity, a charitable fundraising platform of the Binance exchange, has started a new campaign against coronavirus.
  • The platform's goal is to raise $5 million in crypto and use the money to deliver the necessary supplies to suffering regions.
  • Binance has donated $1 million already, and the campaign has invited anyone who wishes to contribute to join up now.

As the year progresses, the world continues to fight against coronavirus in any way it can. For a lot of regular people, that means self-isolation and social distancing. Numerous businesses had to temporarily shut down, or at least have their employees work remotely, when possible.

However, many among the large corporations have joined the fight against the COVID-19 pandemic by raising money through charities and helping researchers. The latest example of such a charity came from one of the world’s largest exchanges, Binance.

Details about the charity

According to Binance — or rather, its blockchain-based donation platform, Binance Charity — the goal of the new fundraiser is to start fighting back against the virus on a global level. The project’s name is ‘Crypto against COVID,’ and it aims to raise $5 million in various selected digital currencies.

The money that the charity manages to collect will then serve for purchasing medical supplies and delivering them to the suffering nations. The platform has already listed some of them, including Italy, Spain, Germany, South Korea, the US, as well as the UK.

The charity will accept a number of cryptos, such as Bitcoin, XRP, Binance Coin, and Binance’s stablecoin, BUSD. Binance itself started the charity by securing a $1 million donation, followed by an additional $2m through social media. The campaign on social media will have the same name — #CryptoAgainstCOVID.

Binance Charity’s head, Helen Hai, commented on the move by stating that: “The most important element of human life is to show compassion and help others as we can, without the limitation or restriction of borders.” The borderless nature of digital currencies, as well as the ability to have instant payments, will mean a lot for the swift gathering of funds.

Binance Charity already fought the virus in Wuhan

This is also not the first time that Binance fought coronavirus, as it also had a campaign back in January 2020, known as ‘Binance for Wuhan.’ The campaign’s goal was to raise funds and help out the city of Wuhan, where the virus originally emerged. On the occasion, Binance donated 10 million RMB.

At the time of writing, Binance Charity received 17 donations, with a total of 152.03 BTC (1,005,727.43 USD). The platform also requested that users who know of any hospital in need of medical supplies contact the service and bring it to the platform’s attention via [email protected]

By Ali Raza
A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications. Raza is the co-founder of 5Gist.com, too, a site dedicated to educating people on 5G technology.

Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence. This website is free for you to use but we may receive commission from the companies we feature on this site. Click here for more information.