Binance Charity Foundation, the charity sector of the famous crypto exchange, has now decided to expand its Lunch for Children program. According to the official announcement of the company, which was made on its official blog.
Now, ten new schools in Uganda will be added to the Lunch for Children program of the company as part of this upgrade. The program was started last year and the first school to receive official support was Jolly Mercy Centre, a school in Kampala.
With these ten new schools, Binance will now affect over 4,000 children with its charity initiative from the regions of Jinja and Kampala.
Each school that will receive the benefits from the program will get its own Trust Wallet account and they will receive BNB tokens to use on the school lunches. Each student and staff in the school will receive a daily donation of $0.30 USD. Binance will spend a total of $236,000 on this initiative, which is sponsored by Tron, Binance, IOST and Binance VIP.
The suppliers will receive the money on their wallets and supply the schools with food every day. Also, the suppliers will be able to redeem their crypto tokens for the local fiat currency, Uganda shillings, directly from Binance Uganda, which was started in October 2018. This way, the BNB tokens will end up returning to Binance, which will then give fiat to the suppliers.
The Donations Are Important For The Children To Keep Learning
Many poor schools around the world face a tough situation for not having the means to feed their children. This has a serious impact on the learning of the students and many of them have to leave their classes as they are hungry. It is not different in poor schools based in Uganda.
Several companies were attracted by the idea of participating in a blockchain-based charity fund, so they decided to join. At the moment, over ten companies are a part of the initiative.
The donations are completely transparent and you can see how the money is being used, as well as the people who are donating it. In fact, blockchain technology can help a lot with donations since many people fear that their money may be misused and, with the help of the blockchain, they can track how the funds are being used in real time.
Bwire Daniel, one of the volunteers in the program, has affirmed that the initiative empowers children by giving them the means to keep going to school. According to him, he could see the happy faces of the children when he visited a school in Kitgombe. He also pointed out that the donations saved the work of the cooks as they were allowed to keep their jobs with the money.
In another similar charity project, Binance and Justin Sun, the CEO of the Tron Foundation, collected donations that were given to the victims of floods in Japan.
Binance Charity was launched in July 2018 as a non-profit organization that would be dedicated to helping with blockchain-based philanthropy. The goal of the organization is to create a future in which the blockchain can be used to create a decentralized charity system.