The much-awaited Blockchain Charity Foundation (BCF) donation project has kicked off. This project which is essentially a blockchain powered donation platform and championed by Binance, one of the largest cryptocurrency exchange platform will enable people to donate to humanitarian courses.
This kick-off of this donation project was announced on Wednesday at the just concluded world investment forum organized by the United Nations in Geneva Switzerland.
During the conference, CEO of the cryptocurrency exchange, Changpend Zhao, actively participated in the Blockchain for Sustainable development session, where he shared several insight relating to the project. According to him, Binance would be responsible for all the operational fees on the newly launched BCF charity website. That is not all; he also added that all donations would go directly to its beneficiaries. More so, the CEO noted that Binance opted for blockchain technology because of its potential to boost transparency in donations.
According to Binance, its very first project using BCF will be aimed at raising funds for the victims of landslides and floods in the African country of Uganda. Revealing more details about the project, Binance revealed that the TRON Foundation has also pledged an initially $3 million donation to the charity project.
With regards to the project website, the much-awaited donation project is accepting donations in digital assets like Bitcoin (BTC), Binance Coin (BNB) and of course, Ethereum (ETH)
Per the just concluded UNCTAD conference, CEO of Binance, Zhao went on to give a brief report on recent crypto donations raised to assist West Japan in the wake of devastating floods it experienced in mid-July where over 17,000 houses were damaged with a total of 225 people losing their lives. Concluding his statement, the CEO stated that Binance managed to distribute over $500,000 to various organizations via local intermediaries.
It would be recalled that Zhao in October announced that all of the cryptocurrency exchange listing fees would now be donated towards charity, in addition, developers would now be allowed to name the amount they would pay for listing without necessarily spelling out a minimum fee for listing which was hitherto the norm.