Binance Charity Foundation, an affiliate of the global leading crypto exchange Binance, today flagged off a donation program for the Australia bushfire disaster. The donation has come days after OKEx CEO Jay Hao had come forward to support the victims of the devastating fire.
Donation for a Noble Cause
According to an official announcement on their blog, the blockchain-based charity program is starting a project that aims to alleviate the situation brought about by the Australia bushfire disaster. Towards the noble cause, Binance has cleared one million USD worth of its native cryptocurrency BNB as the lead donation towards the project. All funds generated will go towards alleviating the impact as well as facilitating restoration later.
Speaking about the development, Binance CEO Changpeng Zhao said:
“It is painful to see the bushfires burning across Australia as well as the devastating effects on the ecology and local community. We want to help this urgent crisis. Donating for Australia Bushfires charity program is the most direct and effective approach to make an impact, and we are also calling for the whole crypto community to join us in supporting Australia.”
Binance is a global blockchain entity with several departments that deliver the greater mission of blockchain adoption and financial freedom. Its charity wing, Binance Charity Foundation is a blockchain-based charity project that seeks to improve transparency in the charity sector. The project would also help reach the 17 Sustainable Development Goals.
The ABD Program
The Australia Bushfire Donations (ABD) program is a charitable project that accepts donations in the form of BNB—the native currency on the Binance exchange platform. Binance Charity Foundation will ensure that every donation and project allocation is registered on the blockchain and open for public scrutiny.
Consequently, there will be more trust and efficiency in the disaster relief sector, delivered by a decentralized, transparent, and immutable technology.
Helen Hai is the Head of the Binance Charity Foundation. Regarding the development, she said:
“We feel for the people who have suffered losses in this natural disaster and we strongly want to do our part to help. It is also the original intention we had when we created this platform which is to use technology to empower people and to help those who need it the most.”
Overall, the project aims to reach out to local organizations and communities to deliver the donations it receives in crypto to each beneficiary. In the past, Binance Charity Foundation has helped more than 100,000 beneficiaries, with all its dealings transparently shown on its website.