COVID-19 Hotspots all Over the World Benefit From Millions of Dollars in Blockchain-Backed Donations
After providing aid to hospitals in China, Italy, and Spain, among other countries ravaged by COVID-19, Binance Charity, the blockchain-powered non-profit transforming charitable giving, has furthered its relief efforts providing thousands of personal protective equipment (PPE) materials to one of the regions most affected by coronavirus in the world: New York City. Binance Charity’s Crypto Against COVID fundraising campaign marks the first charitable campaign to achieve 100 percent donation-transparent, safeguarded delivery.
Read More: Kreditech Rebrands to Monedo as It Steps Up Growth in International Lending Markets
To date, more than $4 million have been donated to Binance Charity’s Crypto Against COVID campaign, aiding in the delivery of more than one million PPE materials to healthcare facilities all over the world that are heavily affected by coronavirus.
When making a charitable contribution, rarely is the donor offered clear insight into the journey of their funds. Binance Charity aims to revolutionize traditional giving, providing a transparent donation process made possible by its underlying blockchain technology. Behind the scenes, every donation is encrypted on an immutable public ledger that generates a transaction ID. Donors can use this ID to track every step of the donation route.
Read More: Simple Announces Launch of Tax Refund Feature to Automate Savings for Customers
Unique to its relief efforts in New York, Binance Charity established a social impact cryptocurrency, dubbed the PPE Token. The first of its kind, the PPE Token verified the successful, tamper-proof delivery of 200,000 N95 masks to 11 benefiting hospitals in New York City and the surrounding region, while also serving as a form of compensation for the couriers. Alongside the transaction IDs, the PPE Token administers 100 percent transparency on the public ledger, showcasing every detail from issuance and distribution, to redemption, including: N95 mask purchase orders; details of the flights transporting the materials; and photo proof of healthcare workers receiving the medical equipment.
Helen Hai, Head of Binance Charity, said: “Binance is proud to help those on the front lines of the fight against the global pandemic, through direct contributions and a platform that will continue to help long after COVID. Blockchain is a powerful antidote to a problem that has long plagued the philanthropy sector: distributed ledgers have the speed, scalability, and immutability to alleviate donor concerns, ultimately maximizing charitable impact. At Binance Charity, our mission is to amplify the use of this cutting-edge technology for social good, and with COVID-19’s unprecedented arrival and startling spread, we have provided a trustworthy approach to remedying the spread of the pandemic.”
Read More: Blockchain Valley Ventures Launches Virtual Deal Marketplace for Startup Funding
