On March 26, 2020, Binance Charity, the philanthropic arm of the Binance Exchange, announced a new fundraising project aimed at tackling the COVID-19 pandemic globally.
The initiative dubbed ‘Crypto Against COVID’, Binance Charity is looking to raise $5 million USD in cryptocurrencies (BNB, BTC, BUSD, and XRP) to be spent primarily on buying medical supplies for countries worst affected by the deadly virus.
Changpeng Zhao, CEO of Binance exchange, remarked:
“We encourage the community to take part in this initiative as we unite against COVID-19, and together, we’ll drive impact.”
Binance will be leading this charity initiative with an initial donation of $1M and has pledged to contribute a further $2M via the #CryptoAgainstCOVID social media campaign.
In addition, Binance announced it would make a $ 1 donation for each retweet that comes to the tweet shared from Binance’s Twitter account. It was emphasized that Binance Charity would donate up to 1 million dollars in this context.
Not everyone was amused by the idea of Binance sourcing for retweets, with Twitter user @Matt Vannali urging the exchange to donate the amount directly and forget the clout games.
Binance Donations Helping the Most Vulnerable
Binance Charity’s universal movement to fight the coronavirus echoes similar efforts that have been successful within mainland China, where Binance committed to donating $1.4 million in medical supplies through its “Binance for Wuhan” scheme.
Similarly, Binance Charity is already actively engaged in philanthropic activities in Africa, especially in Uganda. The recent announcement of a $1 million fund in South Africa is also another demonstration of its commitment to the continent.
Binance Charity’s head, Helen Hai, was excited about the newly launched ‘Crypto Against COVID’. She stated:
“Blockchain technology enables this in greater capacities than ever before, and Binance Charity wishes to bring this to the masses. “
She also stated that the countries most affected by coronavirus are among the countries to which funds will be transferred, including Italy, Spain, and Turkey.
Crypto Community Joins Fight Against Covid-19
The crypto community has recently launched and supported many initiatives that assist global efforts to fight the coronavirus.
For instance, Folding@Home, a platform that diverts donated computational power toward medical research, has seen support from many crypto projects, specifically CoreWeave — who have diverted 6,000 GPUs previously used to mine Ethereum (ETH) toward the project.
Similarly, On March 14, the Ethereum-based development crowdfunding platform Gitcoin announced it had pledged at least $50,000 in grant funding toward public health initiatives contributing to battling COVID-19.