Binance Donates $1 Million in Crypto for Australian Bushfire Relief

Binance Donates $1 Million in Crypto for Australian Bushfire Relief

The cryptocurrency community is again showing its commitment to support charitable goals around the world. Binance, the most active international digital asset exchange, has donated $1 million to help with Australian fire relief efforts and invites the community to join the initiative. The recent bushfire season is considered to be the worst in living memory, causing billions in damages.

Also Read: Save the Children Now Accepts Bitcoin Cash Donations

Binance Supports Australian Bushfire Relief

The philanthropic arm of cryptocurrency exchange Binance has announced the kick off of a charity project aiming to help with Australia bushfire relief efforts. The company committed to donating $1 million in its own BNB token to the Australia Bushfire Donations project as an initial boost. All funds raised will be used to help alleviate the impact of this disaster and facilitate the restoration afterwards.

“It is painful to see the bushfires burning across Australia as well as the devastating effects on the ecology and local community. We want to help this urgent crisis,” said Changpeng Zhao, Binance CEO. “Donating for Australia Bushfires charity program is the most direct and effective approach to make an impact, and we are also calling for the whole crypto community to join us in supporting Australia.”

Binance Donates $1 Million in Crypto for Australian Bushfire Relief
Bushfire in Australia

The 2019-2020 bushfire season is considered to be the worst in living memory, causing tens of billions in damages and killing 28 people as of Jan. 8. According to the most recent media reports from Australia, the recent fires have burnt over 100,000 square kilometers of land, destroying thousands of homes and causing an imaginable loss of about half a billion animals. On Jan. 5, the Australian prime minister announced the establishment of the National Bushfire Recovery Agency, funded initially with 2 billion Australian dollars.

Crypto Adoption for Charity

The Binance Charity Foundation was launched by the company’s CEO Changpeng Zhao in October 2018. The blockchain-based platform ensures all donations and allocations for each project are recorded and open to the public. The charity reports it has already helped over 100,000 people in its past projects, with efforts such as providing lunch meals to over 5,000 students in 11 schools, stationery supplies and solar panels to 51 schools as well as sanitary pads to over 10,000 young girls at 55 schools.

“We feel for the people who have suffered losses in this natural disaster and we strongly want to do our part to help. It is also the original intention we had when we created this platform which is to use technology to empower people and to help those who need it the most,” said Helen Hai, Head of Binance Charity Foundation. “We will reach out to as many local organizations and communities as possible to pass on the donations we receive in crypto to the hands of each beneficiary. Please recommend to if you know any who accepts crypto, or would like to. We appreciate your support in all forms.”

Binance Donates $1 Million in Crypto for Australian Bushfire Relief

Binance is considered to be the leading global cryptocurrency exchange by trading volume, with users from over 180 countries and regions. In October 2019, the company added bitcoin cash to Binance DEX, its decentralized exchange, and in December the company launched bitcoin cash (BCH/USDT) futures contracts with up to 75x leverage on its Binance Futures trading platform, providing BCH users with additional options to utilize the popular asset and drive peer to peer electronic cash adoption across the world.

What do you think about Binance donating $1 million to Australian bushfire relief? Share your thoughts in the comments section below.

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Avi Mizrahi

Avi Mizrahi is an economist and entrepreneur who has been covering Bitcoin as a journalist since 2013. He has spoken about the promise of cryptocurrency and blockchain technology at numerous financial conferences around the world, from London to Hong-Kong.

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