Featured, International

Cryptocurrency Exchange Binance Releases Report On Crypto Donations

Cryptocurrency exchange Binance has released a report on the crypto donations that were offered to support the relief operations, following the devastating floods that occurred in Japan this year. Successive heavy downpours in southwestern Japan during late June through mid-July resulted in widespread, devastating floods and mudflows. This was the worst freshwater flood-disaster in Japan since the 1982 Nagasaki flood in which 299 people had lost their lives.

Binance successfully collected roughly around $410,000 USD (more in crypto-donations) at that time in just seven days, with support from generous donors. It made a total donation worth around $1,410,000 USD that consisted of various types of ERC20 tokens.

Cryptocurrency exchange Binance reached out to organizations, local NGOs and government agencies to support the frontline donation operation. It identified four organizations that met the following criteria: immediate/direct support, on-site and openness to cryptocurrencies.

Binance has completed donations worth around 56,700,000 yen and helped more than 41,200 victims across Ehime, Hiroshima and Okayama. The exchange reached out to various organizations as soon as the flood occurred, to support the victims with a timely donation. Since the victims needed immediate support, the first donation was carried out with the help of Miss Bitcoin Mai, a local Bitcoin supporter.

The exchange transferred 61.09 BTC to Miss Bitcoin Mai’s account. She then converted the BTC to yen and transferred 25 million yen to Peace Winds Japan and the Momotaro Fund, as reported on the Medium blog. The second round of donations was made using the cryptocurrencies directly. Binance transferred 5.3 million yen to Open Japan’s cryptocurrency account.

Earlier this month cryptocurrency exchange Binance’s CEO Changpeng Zhao said that he hoped that others would also follow his decision of donating all listing fees to charity. The exchange had announced that it will not only be donating all such fees to charitable causes, but it will also allow developers to name the amount they will be paying, without demanding a minimum fee, as stated in the Cointelegraph report.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]

Jesmine Rahman holds 15+ years of professional writing experience of working with reputed Indian dailies like the Times of India and the Indian Express. She also holds a rich experience of working as a Senior Technical Content Specialist with a reputed IT company. for 10 years. She writes crypto news on OWLT Market.

Leave a Comment

Your email address will not be published. Required fields are marked *