Binance’s blockchain charity foundation (BCF), the social project belonging to the world’s largest crypto exchange has introduced a blockchain based donation platform. The donation project was announced Wednesday, during the world investment forum in Geneva Switzerland organized by the UN Conference on Trade and Development (UNCTAD) chengpeng Zao of Binance was among those in attendance and was a notable figure in the Blockchain sustainable development session of the conference.
When he arose to speak, he confirmed that Binance would cover all operational expenses on the newly unveiled BCF blockchain charity website adding that all donations would go directly to the beneficiaries of the project. According to Zhao, the blockchain project would play a great role in improving transparency when handling donor funds. According to the Binance CEO, BCF will use its donation platform to first raise funds for victims of floods and landslides in the eastern part of Uganda in East Africa. According to Binance decentralized blockchain startup, TRON foundation had promised a 3 million dollar donation to BCF.
BCF is reportedly already accepting donations in the form of Bitcoin, Ethereum and Binance coin. This has indeed endeared the project to a lot of well-wishers in the crypto community as well as victims from Uganda who are set to become beneficiaries of the first batch of donations. During the same UNCTAD conference, Zhao also updated those in attendance on the crypto donations that had been raised earlier to help flood victims in west Japan back in July. The tragedy left 225 people dead and 17,000 displaced from their homes. Zhao reported that Binance had been able to distribute over half a million dollars to various local initiatives that were helping the victims.
Earlier this month the Binance CEO had announced that all Binance listing fees would go to charity causes. In that statement Zhao had also said that developers would be allowed to decide the amount they pay without demand for a minimum fee from Binance.being the largest crypto exchange with a trade volume of 467 billion, Binance has seen this trade grow by 8 percent in the last 24 hours. The launch of BCF could see this rise even further with charities warming up to the crypto outfit as well as investors. The launch of BCF sees the cryptocurrency space begin to connect with charitable causes that could endear the space further to the public