Binance recently took a bold step to provide some financial support to victims of flood disaster in West Japan. But the cryptocurrency exchange did not go all alone in this act of charity, they were supported by one of the most bullish and controversial digital company, Tron.
Binance is one of the fastest growing crypto exchange platforms, trading digital currencies. When it started, it initially began operations in China but now has its headquarters in the crypto-friendly island of Malta, in the European Union (EU).
Sometimes, this year, Binance initiated a Blockchain Charity Foundation (BCF), which was launched at UNCTAD World Investment Forum. This blockchain-based donation platform was established to introduce transparency to some charity organizations. It would be used to promote the UN Sustainable Development Goals (SDGs).
According to a report by Forbes, the United Nation Industrial Development Organization Goodwill Ambassador for Industrialization in Africa and Head of Blockchain Charity Foundation, Helen Hai, stated the reasons for the establishment of BCF. She said;
”Donations through the BCF platform will ensure full transparency, accountability and direct reach to end recipients. BCF will leverage blockchain technology to help fill the UN Sustainable Development Goals funding gap and directly empower over one billion people living in poverty. We believe poverty is not a destiny.’
Still, in this spirit of charity, Binance moved in to rescue the devastated victims of flood in Japan.
From late June, till the middle of July this year, there were continuous rains in Southwest Japan, causing a heavy flood. About 8 million people were evacuated across 23 prefectures, 20, 255 were reported dead in 15 prefectures, and 13 were missing without clues.
This flood-disaster was confirmed to be the worst that had ever happen in Japan, leaving about 17,000 houses destroyed. Another such flood-disaster, Nagasaki flood happened in 1982, with about 299 people dead, but it was nothing compared to what happened this year.
Binance donated $100,000, 000, opened an account for more donations and started a campaign on Twitter to raise more funds;
“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.”
Through this campaign, the exchange was able to raise, $4100,000 USD and digital currency donation in about 7 days. Various types of ERC20 tokens were donated bringing the sum of donation to $1,410,000.
By the middle of October, the exchange was able to raise up to 56, 700, 000 JPY which is equivalent to 63.03 BTC or 169.85 ETH. They were able to provide relief to about 41,200 victims across 3 prefectures. Specifically, Ehime, Hiroshima, and Okayama are the prefectures that were able to receive support.
Tron foundation is one of the organizations that backed up Binance in its crusade to save the Japan flood victims. The foundation had been a strong supporter of charity via blockchain, during the launch of BCF, it donated the sum of $3 million.
Tron CEO, Justin Sun, in his speech during BCF launch said that he and his company were in support of Binance for taking the initiative to promote transparency in charity via blockchain.
”All of us here have made the decision to be leaders in shaping blockchain technology for social good. Binance Charity Foundation is taking substantial steps in that direction by increasing the transparency of donations so we can see where the goodwill of the donors is going and what impact it has.”
He went further to emphasize the importance of the blockchain technology in restoring efficiency in organizations. He stated that availability of the right infrastructure to charity organizations and sustainable development goals would bring in more people.
Further, in his speech, Mr. Sun discussed the importance of blockchain to everyone and declared his commitment to partner with Binance to make the technology accessible.
Binance approached some organizations in Japan to support in providing help to the flood victims. Some of the organizations reached for assistance are;
Momotarou Fund
This fund was established by Okayama Share Foundation with the aim of providing needs of victims in Okayama by subsidizing local community, NPOs, and other organizations. It supports victims of natural disasters, medical issues by providing sustenance.
Open Japan
It was established by victims and supporters for Tohoku earthquake, 2011 in Japan. They provide environmental support to victims of the flood by cleaning up dirt, they also provided clothing and shoes to the victims.
Bic Camera
Bic Camera is one of the biggest retailers of electronic appliances in Japan. They provided the victims with electronics appliances. Binance partners with this organization to support flood victims with appliances.
Peace Winds Japan
Peace wind provides emergency humanitarian relief to victims of conflicts and natural disasters. They supported Binance by deploying their staff to distribute emergency supply for evacuation; they also provided rescue and search team.
Binance CEO, Changpeng Zhao, said he hopes other organizations would follow his step in promoting charity via blockchain platform;
“Hoped others would follow” his decision to donate all listing fees to charity.
Binance CEO emphasized that his organization is not just out for greater good but ;
“But will also allow developers themselves to name the amount they pay, without demanding a minimum fee.’’
Mr. Zhao appreciated, the effort put up by Mr. Sun and Tron organization so far, which has been a big encouragement to Binance in its pursuit for transparency and efficiency in charity.
