Bitcoin [BTC] and Ethereum [ETH] worth $500,000 donated by Binance towards flood relief in Japan |
Recently, the devastating floods in South-Western Japan resulted in 8 million people being advised to evacuate and 225 people dead. Binance’s Blockchain Charity foundation took the initiative to donate 56.7 million JPY worth of cryptocurrencies [63.03 BTC & 169.85 ETH] to help West Japan.
Binance cryptocurrency exchange had recently announced its charity initiatives where they would donate their listing fees directly to charity. They further established The Blockchain Charity Foundation [BCF], which is a non-profit organization focusing on delivering global sustainable development, with the help of blockchain technology. BCF’s main aim is to reconstruct philanthropy by developing the world’s first decentralized charity foundation.
According to the report, in order to reach out to the masses, the foundation took the aid of government agencies, local NGOs, and organizations. Due to an immediate need to help the victims, Binance transferred 61.09 BTC, which is approximately equivalent to 50 million JPY, to Miss Bitcoin Mai. The local supporter further converted the funds from her Bitcoin account and transferred it to different organizations.
Furthermore, the foundation initiated the second round of donation by directly using cryptocurrencies. Open Japan, an organization that works towards supporting victims affected by a disaster, opened a cryptocurrency account, and Binance transferred 169.85 ETH, which is approximately equivalent to 5.3 million JPY.
Furthermore, Binance directly donated 1.94316403 BTC to Bic Camera in order to procure appliances for the temporary shelters in Kure city, Hiroshima.
After the donation, Open Japan stated that it was not a difficult task to set up an account and Binance contacted them to proceed with the donation in order to help the victims from the disastrous floods. They further stated that the transaction was carried out instantly and they did not have any issues in converting the cryptocurrency into fiat. Open Japan added:
“Receiving this donation left us with a deep impression of cryptocurrency: both its growing effect on our world and its potential.”
Binance also stated that they would continue to support the weak and victims of such disasters with the help of cryptocurrencies.
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