Binance Charity Foundation, the philanthropic arm of leading cryptocurrency exchange, Binance has announced a new fundraising project, dubbed “Crypto Against COVID” to help combat the highly contagious Coronavirus (COVID-19) pandemic that is affecting almost every country.
The exchange announced in a blog post today that it is looking towards raising $5 million in selected cryptocurrencies including BNB, BTC, BUSD, and XRP to help provide medical and relief supplies for countries ravaged by the novel virus, such as Italy, U.S., Spain, and Germany.
This is coming after multiple reports indicated that more than 400,000 people are currently infected with the Coronavirus globally, and the death toll has exceeded 19,000.
#CryptoAgainstCOVID Twitter Campaign
Binance stated that its charity arm will be heading the fundraising project with an initial donation of $1 million and has further pledged an additional donation of up to $2 million in its ongoing #CryptoAgainstCOVID Twitter campaign.
According to the exchange, they will contribute an additional $1 million if its Twitter campaign get one million retweets within seven days while adding that for every retweet gotten on the post, a donation of $1 will be made to the cause.
Binance has, however, called on the public to support the project by donating $1 million while promising to make an additional $1 million donation to match the $1 million public contributions received.
“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 (CZ), founder and CEO of Binance.
Commenting on the development, Helen Hai, Head of Binance Charity, stated that showing compassion to the needy is the most essential element in every human’s life while adding:
Blockchain technology enables this in greater capacities than ever before, and Binance Charity wishes to bring this to the masses.
Binance’s Effort Against COVID-19
Since the inception of the COVID-19 outbreak in China, Binance Charity has been supportive all the way, rendering several charitable offerings, including the flag-off of its “Binance for Wuhan” program in January – a fundraising project dedicated to the donation of $10,000,000 RMB ($1.4 million) worth of medical supplies to eradicate the virus in China.
So far, Binance Charity has provided tons of testing kits, hand sanitizers, disinfectants, pairs of gloves and other forms of Personal Protective Equipment (PPE) to help mitigate the spread of the virus in Hubei, Sichuan, Guangxi, and Shanghai.
In a similar development, Binance initiated a charity project up to the tune of $1 million to provide support for the devastating bushfires in Australia in January this year.