Friday, 07 August 2020

Binance Launches Blockchain-powered Donation Portal

The charity arm of Binance, the world's largest cryptocurrency exchange by market capitalization, has launched a blockchain-powered donation portal in a bid to track and make charity more direct, accessible, and transparent.

The Blockchain Charity Foundation (BCF) unveiled the platform during the Blockchains for Sustainable Development session at the UNCTAD World Investment Forum held at the United Nations Headquarters in Geneva, Switzerland. It was unveiled by Binance CEO Changpeng Zhao, also known as CZ.

Binance will bear all operational fees related to the new donation portal and ensure that 100 percent of donations will go directly to end-beneficiaries.

BCF will leverage blockchain technology to help fill the UN SDG funding gap and directly empower over one billion people living in poverty.

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The portal will initially provide support for Binance Coin (BNB), Bitcoin (BTC), and Ether (ETH), with more features to come soon.

CZ revealed that the portal raised $410,000 through a crypto donation drive for flooding victims in West Japan in just seven days after he called for support via tweet. All donations were tracked on the blockchain. BCF is now opening a donation channel to support victims of the floods and landslides in Eastern Uganda.

Binance had earlier in the month decided to donate all fees associated with the listing of a cryptocurrency token to charity. The project team of the token has been given the prerogative to decide the amount of the listing fee, or what now is called a donation by Binance.

source: RTT
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