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Binance Charity

Binance Charity

Binance Charity (launched in 2018) is the Philanthropic arm of the Binance Cryptocurrency exchange run by Changpeng Zhao. It is a Nonprofit organization that aims to provide transparency and a more efficient organizational structure than traditional charities. In 2020, the Binance Charity launched a campaign called Cryptocurrency Against COVID with the aim of raising $5,000,000 to purchase and distribute essential supplies to vulnerable areas during the Coronavirus (COVID-19) pandemic. [1] [7]

Aim of Binance Charity Foundation

The aim is to create last-mile solutions for impactful social projects and scaling them up quickly to fundamentally change millions of lives.

People with non-smart phones can now own crypto wallets to receive and transfer crypto currencies that serve as alternative assets to protect their property value.[1]

Mission

Binance Charity Foundation aim not only to create thoughtful solutions and long-term change for some of the world's most complex problems, but also a brand new experience for donating.

They also want to give everyone the ability to see how their contributions via Blockchain Technology are making visible changes in the world.

They envision a world where blockchain technology can be used for philanthropy as a social contract to end all forms of Poverty and inequality, and advance sustainable development to ensure no one is left behind.[1]

Overview

Binance Charity was launched in 2018 as the non-profit, Philanthropic arm of the Binance Cryptocurrency exchange. Their core focus is enriching the lives of the "bottom billion" through blockchain technology. As of May 14th, 2020 their website states the foundation has raised 874.48 bitcoin from 1611 donors.

The site was launched with a ten million dollar commitment form Changpeng Zhao of Binance. Justin Sun quickly followed with a three million dollar donation that was allocated to the foundation's Pink Care Token campaign, which distributes sanitary pads to women in Uganda. [2]

On March 24, 2020, Binance Charity’s Crypto Against COVID campaign was created to raise $5 million USD in cryptócurrencies (BNB, BTC, BUSD, and XRP) to be spent primarily on buying medical supplies for vulnerable regions around the globe. As of May 12, the campaígn has sent 10,000 prótective suits to Turkey, 400,000 masks to Italy, 15,000 suits to South Africa and thousands of other supplies elsewhere. Philanthropist Brock Pierce donated 44.5 bitcoin. [3][4]

In an interview with Forbes, Helen Hai spoke about how Binance Charity came into existence: [5]

"So two years ago I was having lunch with CZ.

At that time, Binance had quickly expanded.

We talked about the purpose of Binance to start with.

He asked what I suggested in terms of the purpose for Binance.

I suggested the purpose move from success of the company to significance in the world.

Why significance?

Because of how Binance will benefit human society instead of the company and CZ clearly believed this should be the mandate for Binance.

During that lunch, CZ asked me set up a blockchain charitable foundation.

to help them push this mandate.

That is how it was started.

We wanted to support and improve the lives of the bottom billion people through blockchain technology"

Members

The head of the Binance Charity Foundation is Helen Hai, the United Nations Industrial Development Organization (UNIDO) Goodwill Ambassador for industrialization in Africa.The senior advisory board consists of:

  • Former president of Malta, Marie Louise Coleiro Preca

  • Minister of Economy and Finance of Djibouti, Ilyas Moussa Dawaleh

  • Eighth Executive Secretary, United Nations Economic Commission for Africa, Dr. Carlos Lopes

  • Executive President of The Finance Center for South-South Coopera- tion (FCSSC), Zhang Zhiping

  • Vice President of Mercy Corp, Simon O'Connell

  • Former president of Mauritius, Ameenah Gurib

They also have Binance for Children Ambassadors which is comprised of many familiar faces in the blockchain space:

References

[1]
Citation Linkwww.binance.charity
May 14, 2020, 11:26 PM
[2]
Citation Linkwww.coindesk.com
May 14, 2020, 11:35 PM
[3]
Citation Linkbitcoinke.io
May 14, 2020, 11:55 PM
[4]
Citation Linkwww.coindesk.com
May 14, 2020, 11:59 PM
[5]
Citation Linkwww.forbes.com
May 15, 2020, 12:02 AM
[6]
Citation Linkywqaugeunhowzrcj.public.blob.vercel-storage.com
May 15, 2020, 12:06 AM
[7]
Citation Linkwww.youtube.comBinance Charity - Lunch for children
Jun 19, 2020, 9:33 AM