Binance Charity is the crypto exchange giant, Binance’s philanthropic subset. On September 1, it began welcoming donations which would be used to supply aid and food to victims of the hurricane via grassroots organizations in the affected areas.
The campaign website has stated that it will be accepting donations in Bitcoin, XRP and Binance Coin. The Hurricane Relief Project will then receive the collection. The campaign has so far gathered at least a minimum of 0.558 BTC or $5,852.90.
Binance Charity hasn’t begun distributing these funds yet and plans to record all distributions made over blockchain for greater transparency. On top of this, the organization has been seeking advice on how to disburse aid faster.
Hurricane Dorian is currently on the path to crossing over to Canada from the United States. The International Federation of Red Cross and Red Crescent Societies have estimated that approximately 400,000 individuals are in need of immediate aid. Some 13,000 homes in the Bahamas have either been destroyed or subject to significant damage.
Predictions have put the number of deaths in the Bahamas at 40. Once the recovery effort begins, the number is expected to rise further. Duane Sands, Minister of Health, agrees with this estimate and believes the final figure will be “staggering.” He bewails having lived through such an incident and hopes never to relive anything similar again.
It isn’t Binance’s first foray into charitable purposes. Previously, it supported initiatives that forwarded women’s health and education.
The rise of the cryptocurrency sector naturally means that its presence in philanthropic efforts will increase too. The Rainforest Foundation approached the industry recently for financial support in battling the deforestation in the Amazon.
Independent public charity, Fidelity Charitable reported receiving $100 million in cryptocurrency donations from the time it became open to receiving them in 2015.
Gustavo Fonseca loves anything digital and crypto-related which makes him sit up and pay attention. He got into the world of digital marketing and business digital transformation career in 2010. Some time later he got into Crypto, a dynamically developing segment at the intersection of the financial services and technology. Gustavo joined TheDailyCoins in September 2018.