When we talk about cryptocurrencies, our subconscious mind conjures up images of a bull run, spike in profits, and Bitcoin’s meteoric rise last year. We generally forget that cryptos have much more to offer than just instant gratification or a hopeful speculation about the future. Cryptocurrencies provide users with a genuine alternative to the traditional and established monetary system. While it always takes a while to challenge the status quo, cryptocurrencies seem to be on the right track to offer a viable alternative to the established financial norms. Leading the way in painting a different and more humane picture of cryptocurrencies is Binance.
One of the leading cryptocurrency exchanges in the world, Binance has come a long way since its inception and it’s leading the way in more than one ways. The charity arm of Binance, the Blockchain Charity Foundation (BCF) released a report on Wednesday highlighting the role that it played in providing relief to the victims of Japan’s worst flood in 36 years. The havoc wreaked by the floods reminded people of the Nagasaki floods in 1982 in which nearly 300 people lost their lives.
According to the Medium blog, the exchange asked for open support on 8 July and within a short span of 7 days, the exchange raised roughly US$410,000 USD in crypto-donations, making the total donation valued at US$1,410,000 consisting of various types of ERC20 Tokens.
Binance reached out to NGOs, government agencies, and other organizations to come out and support the victims of the flood and as of October 15, Binance completed donations worth around 56,700,000 JPY (63.03 BTC or 169.85 ETH), helping more than 41,200 victims across 3 prefectures: Okayama, Ehime, and Hiroshima.
The organizations who came out in support of Binance’s initiative include Peace Winds Japan, Momotarou Funds, Open Japan, Kure City office and BIC Camera among others.
The blog adds that the first donation was carried out with the help of Miss Bitcoin Mai. Binance transferred 61.09 BTC (equivalent to 50 million JPY at that time) to her Bitcoin account. Then, she converted BTC to JPY and bank-transferred 25 million JPY to Peace Winds Japan and 25 million JPY to Momotaro Fund.
The second round saw the use of cryptocurrencies directly. Open Japan opened a crypto account, and Binance transferred 169.85 ETH (equivalent to 5.3 million JPY at that time).
This whole process brings to light a transparent system which is generally not associated with the world of cryptocurrencies. As of now, Binance has donated about 56.7 million JPY worth of crypto (63.03 BTC & 169.85 ETH) to help flood victims.
Speaking about Binance’s efforts, Open Japan mentioned, “It wasn’t difficult to get our account set up, and once everything was ready Binance contacted us to proceed with the donation. It was carried out instantly, and after confirming the transfer we were able to convert it to Japanese yen. Receiving this donation left us with a deep impression of cryptocurrency: both its growing effect on our world and its potential.”
Image via Shutterstock
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