Cryptocurrency for Charity: Binance Pledges $1 Million to Japanese Flood Victims

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Crypto-Charity: Binance Pledges $1 Million to Japanese Flood Victims
Cryptocurrencies and the underlying blockchain technology have provided new avenues for giving to philanthropy while transforming the way charity organisations operate. Photo Credit: Cryptonewsmonitor

More than two million people in western Japan have been ordered to evacuate their homes after record rainfalls resulted in flooding and landslides. More than 100 people have died in the tragedy and another 50 are reported missing.

As the Japanese authorities mobilise emergency and relief efforts to those affected, Binance, the world’s largest cryptocurrency exchange by trading volume has pledged a donation of $1 million to aid the relief efforts.

Announcing the donation, Binance’s CEO, Chengpang Zhao, said the company would be giving the affected victims the equivalent of $1,000,000 USD in either BNB, BTC, or JPY.

“Our hearts go out to the victims in West Japan. @binance will begin with a $1,000,000 USD equivalent donation in either BNB, BTC, or JPY.  We also ask our crypto partners to join us and help our friends in need,” Zhao who is popularly known as CZ born wrote on Twitter.

In his tweets, Zhao also provided an ethereum address for those in the crypto community who are willing to make donations in the form of ETH or ERC-20 tokens to the assist in the relief efforts.

As at Monday, 9 July, only two days after Zhao called for donations, the crypto community had responded remarkably, filling the wallet with over 190 Ether, valued at over $95,000, along with over $1.04 million in a variety of ERC-20 tokens, in the process surpassing the target of $1 million.

Crypto-Charity: Binance Pledges $1 Million to Japanese Flood Victims
Given to the underpriviledged, cryptocurrencies can be more than just handouts, they can become rare instruments of wealth creation.
Photo Credit: nulltx

Over the last couple of years, the new breed of millionaires created by the crypto space have been in the forefront of calling on the industry to give back to society. In June, the CEO of Coinbase, Brian Armstrong, launched givecrypto.org, to serve as a non-profit platform for crypto enthusiasts to give back to society.

Armstrong said, the Forbes List of wealthiest people is going to be shaken up in a couple of years by digital currency holders and according to him, now is the time for the blockchain industry which has already produced a handful of billionaires to give back to society.

“Given the enormous wealth creation from cryptocurrency, and the future potential upside, I believe there is a rare opportunity to create a large non-profit fund.”

Cryptocurrencies and the underlying blockchain technology have provided new avenues for giving to philanthropy while transforming the way charity organisations operate. Experts say features like a decentralized public ledger could boost transparency while smart contracts could facilitate and automate the disbursement of financial aid.