Binance Charity Foundation (BCF), a Blockchain-based platform for charity owned by Binance, has set up a fundraising event. The event is called “2018 L-Istrina Campaign,” and it aims to raise money for the less privileged in Gazo and Malta. Donations will be traceable on the Blockchain to aid in their accountability and transparency.
Malta’s National Charity Donated to 15,000 People in 2017
Based on reports, the Malta Community Chest Fund (MCCFF), the nation’s charity was able to reach about 15,000 challenged people during its event in 2017. Therefore, there are plans that this year, at least this number of people will be reached. These are people who are sick with a terminal disease or have a physical disability. Also, children who are unable to gain access to the basic resources are not left out.
Therefore, Binance is collaborating with the MCCF to reach out to these people. The cryptocurrency exchange has also allied with TRON, to donate $100,000 each to the event. The funds will assist the challenged individuals in these regions while medical and financial advice will be given to them.
Blockchain Technology to Bring About Transparency in Charity
To bring about transparency as to how the funds will be spent, the MCCF said they would account for the number of beneficiaries on a monthly basis. They will also reveal how the money was spent and the summary of all expenses during the campaign. This can be attributed to the fact that the details of such transactions will be traceable on the Blockchain.
Changpeng Zhao (CZ), CEO and founder of Binance said that using a Blockchain-based platform to raise and distribute funds will bring about transparency. Those who make donations will be confident that their money was put to good use. As a result, more people will be encouraged to give to a cause.
Coinbase Donates Cryptocurrency to Syrian Refugees in Greece
Coinbase, another cryptocurrency exchange began a “12 days of Christmas” event on December 10. The platform has so far, donated $10,000 Bitcoin’s worth to Syrian refugees living in Greece. Therefore, this is another humanitarian service from a reputable company in the crypto industry. Hopefully, others will be encouraged to follow suit.
It can also be recalled that in September this year, Ripple launched “Ripple for good,” a social impact program. This is a program where the company donated and raised millions from other investors. These funds are invested in educational and financial projects.