BCF launches donation portal at World Investment Forum; Tron pledges $3 million in support

BCF launches donation portal at World Investment Forum; Tron pledges $3 million in support

Binance is in the news again and for all the good reasons. In yet another positive move, Blockchain Charity Foundation (BCF), the charity arm of Binance launched a blockchain-based donation portal at the UNCTAD World Investment Forum, according to a press release on Wednesday. The launch also marked the 73rd anniversary of the UN Day. The system will start accepting donations with immediate effect and initially, it will support BNB, BTC, and ETH. The Binance Charity Foundation is also planning to open a wing in Eastern Uganda to offer support to victims of landslides and floods.

Recognized as the top congregation of trade and investment policymakers from across the globe, the UNCTAD World Investment Forum is currently underway in Geneva and is scheduled to end on October 26.

Speaking about Binance’s initiative, Helen Hai, UNIDO Goodwill Ambassador for Industrialization in Africa and Head of Blockchain Charity Foundation said, ''Donations through the BCF platform will ensure full transparency, accountability, and direct reach to end recipients.''

More than 700 attendees from all over the world took part in the ‘Blockchains for Sustainable Development’ forum which took place in the Human Rights and Alliance of Civilizations Room at the Palais de Nations.

Organized by the IFLAS initiative, this marked the first blockchain session ever held at World Investment Forum, the press release adds.

''Transparency will help improve all 17 of our Sustainable Development Goals,'' said CEO of Binance Changpeng Zhao (CZ) during a keynote presentation.

Speaking about the launch of blockchain-enabled donation portal, Zhao said, ''Conceptually, it is easy to track the flow of funds through the layers and we can make it 100 percent transparent.”

As the social and humane face of the cryptocurrency exchange Binance, BCF aims to foster greater use of blockchain technology to achieve the UN Sustainable Development Goals (SDGs). Representatives from industry heavyweights like Bancor, IBM, Hyperledger, and ConsenSys also took part in the discussion.

Following the launch of the donation portal, Tron Foundation pledged an initial amount of $3 million to BCF to be used towards advancing blockchain efforts for charity.

“Binance Charity Foundation is taking substantial steps in that direction by increasing the transparency of donations so we can see where the goodwill of the donors is going and what impact it has,'' said Justin Sun, CEO of Tron foundation.

Later he tweeted about his experience of being at the heart of the U.N. and shaping the future course of the blockchain revolution.

Blockchain Charity Foundation (BCF) is a not-for-profit organization dedicated to the advancement of blockchain-enabled philanthropy towards achieving global sustainable development.

While it's a good sign to see leading players in the crypto space joining hands for a good cause, it remains to be seen as how far this would go in facilitating wider adoption and acceptance of cryptocurrencies and blockchain.

See Also: Crypto exchange Binance to the fore in alleviating humanitarian crisis

Binance Uganda opens up trading for Bitcoin and Ethereum

Image via Shutterstock

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