Binance Has Launched Charitable Campaign To Support Children In Malta
Binance, the largest crypto exchange in the world, has recently used its philanthropic arm, the Binance Charity Foundation, to open a new fundraising channel on its donation platform. The donations will be used to help children in precarious situations in Malta and Gozo. Disadvantaged children and terminally ill patients are the two targets of the campaign.
The campaign was named 2018 L-Istrina Campaign and its new channel will be used to raise funds for Maltese children via the Malta Community Chest Fund, a national fund of the country. The official goal of the national fund is to improve the lives of families (and especially children) which have a disability, severe sickness or suffer from extreme poverty.
According to the original report, the Foundation will be responsible for offering medical assistance, social assistance and advisory services. All donations will be trackable on the blockchain, as expected by a company that is focused on the technology.
Studies show that people tend to donate money more easily when they are able to see how the money is used. By using the blockchain technology, Binance can easily do just that. The MCCFF had an outreach of 15,000 people last year and Binance is working to improve on this number.
There will be a televised event for the charity which will last 12 hours. All the donations made to the fund will be revealed then.
Authorities Comment On The Initiative
The president of Malta, Marie-Louise Coleiro Preca, has had a very positive reaction to the new platform and affirmed that this new space can allow companies to express their corporate values and responsibility via donations.
Changpeng Zhao, known as the CEO and founder of Binance, has also been excited. He affirmed that the platform can solve the biggest problem in charity, that is the lack of transparency and accountability. This, he believes, will lead to a new wave of donations and can change the world.
The new donation platform created by Binance was revealed this October and was originally used to help victims of floods and landslides in Uganda. At the moment, the platform accepts Bitcoin (BTC), Ether (ETH) and Binance Coin (BNB).
Ripple has launched a similar program recently, which was known as Ripple for Good. The program was able to reunite over $100 million USD for charity as the company itself donated $25 million USD and other companies donated over $80 million USD.