On March 25, Binance in its blog post announced the launch of its new fundraising project titled ‘Crypto Against COVID’ which aims to raise $5 million in cryptocurrencies. The funds will be used to buy medical equipment for the countries worst affected by Coronavirus.
“Binance will be leading this effort with an initial donation of $1 million USD, and commits to donating up to $2 million USD through the #CryptoAgainstCOVID social media campaign,” according to the Binance blog.
At the time of the campaign launch the number of confirmed COVID-19 cases had exceeded 300,000 worldwide. The demographics of the virus have expanded across 175 countries and territories with more than 14,750 deaths reported so far. These numbers were reported on March 23, 2020, by WHO.
Some of the worst-hit countries by this deadly Coronavirus are Italy, Spain, China, Germany, the Republic of Korea, Iran, Turkey, the UK, and the USA. And these are the countries where Binance will be spending most of the charity funds to supply medical equipment. The platform has confirmed that they will be posting all the donation transaction details to ensure full transparency.
And this is not the first time when Binance has shown its philanthropic trait. In January 2020, Binance had launched another campaign with the title ‘Binance for Wuhan’ and donated $1.4 million worth of medical supplies to China.
“The crypto community is a growing force and we have an opportunity to strengthen this through philanthropy. We encourage the community to take part in this initiative as we unite against COVID-19, and together, we’ll drive impact,” said Changpeng Zhao, CEO of Binance.
According to the blog post, Binance Charity has delivered 56,800 masks, 366,000 pairs of gloves, 9 sterilizers, 5,280 bottles of hand sanitizers, 7,850 protective suits, 20,000 testing kits, 20,000 pairs of Goggles, 173 barrels of disinfectants and 388 oxygen concentrators.
These medical supplies have been delivered to more than 300 hospitals in China including Hubei, Guangxi, Shanghai, Sichuan, and other Chinese cities.
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