Binance Charity Develops A Stablecoin For COVID Donations

Binance Charity, the nonprofit arm of the world’s largest crypto exchange Binance, has launched the first-ever fully transparent giving campaign.

The fundraising campaign, called Crypto Against COVID, has raised more than $4 million in cryptocurrencies, utilizing a blockchain-powered stablecoin dubbed the PPE Token to track the last-mile delivery of medical supplies to hospitals in dire need. The PPE Token was used to verify the successful, tamper-proof delivery of 200,000 N95 masks to 11 benefiting hospitals in New York City and the surrounding region, while also serving as a form of compensation for the couriers. The social impact cryptocurrency enables 100 percent transparency on Binance Charity’s public ledger, detailing information such as: purchase orders; supply chain tracking; and photo proof of healthcare workers receiving the medical equipment.

“When making a charitable contribution, rarely is the donor offered clear insight into the journey of their funds from start to finish,” Binance Charity said in a press release. “Binance Charity aims to revolutionize traditional giving in providing a fully transparent and accountable donation process made possible by its underlying blockchain technology. Behind the scenes, every donation made to Binance Charity is encrypted on an immutable public ledger that generates a transaction ID. Donors can then use this ID to track every step of the donation route.”

Helen Hai, Head of Binance Charity, said that Binance is proud to help those on the front lines of the fight against the global pandemic, through direct contributions and through the creation of a platform that will continue to help long after COVID has been conquered.

“Blockchain technology is a powerful antidote to a problem that has long plagued the philanthropy sector: distributed ledgers today have the speed, scalability, and above all immutability and transparency to alleviate donor concerns, ultimately maximizing charitable impact,” Hai said. “At Binance Charity, our mission is to amplify the use of this cutting-edge technology for social good, and with COVID-19’s unprecedented arrival and startling spread, we have provided a transparent and trustworthy approach to remedying the spread of the pandemic.”