Using Blockchain to Foster Transparency: the Case of Binance Charity

Binance is a cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies. Despite it was founded only in 2017, it is already the biggest cryptocurrency exchange in the world in terms of trading volume.

The company launched its philanthropic arm called Blockchain Charity Foundation (or Binance Charity), in July 2018, with the aim of redefining the charitable giving process and ensuring 100% of all donations are distributed directly to the hands of those in need.

Traditional charities often face challenges due to a lack of transparency and accountability, but using blockchain technology it’s possible to facilitate charitable donations and address many of the issues faced by nonprofits.

Binance Charity has a dual nature: it is a platform that uses this innovation and designes new crypto services to increase the funds’ traceability, but at the same time it is also a charity that accept direct donations for its projects.
The platform currently supports Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and Binance Coin (BNB).
All operation costs of Binance Charity are covered by Binance, so 100% of all donations are distributed to charity projects and end beneficiaries.

BCF is very active in crypto charity and has initiated 7 projects, including:
1. Empower Bududa, saving the landslide disaster victims in Uganda;
2. L-Istrina Campaign, providing financial, material and professional support to terminally ill patients, the disabled and disadvantaged demographics;
3. Binance for Children, including Lunch for Children, providing African children with LED screens, and giving African children stationary;
4. ALS ‘Voice your love’, offering medical supply  for those who suffer from ALS;
5. Rebuild Notre Dame, helping restore the Notre Dame;
6. Pink Care Token Project, helping young women in Africa in need of better feminine care;
7. Binance Charity joined forces with Mercy Corps to launch Impact Token to aid the displaced.
Donate to Binance Charity Wallet: https://www.binance.charity/binance-charity-wallet.

For institutional donors, there are two phases for donations: during the initial Commitment Phase, institutional donors work with Binance Charity to confirm their commitments and sign a donation agreement; in the next Donation Phase, institutional donors can allocate all or a portion of their committed funds to their preferred crypto charity projects.
The Binance Charity website only reflects the funds that have been successfully donated, and does not include the total commitments received from donors. For example Justin Sun, Founder of Tron project, released a $3 million commitment.

Individual donors, that browse the Binance Charity projects page, find the Binance Charity Wallet in the upper part of the list: this is designed for donors who prefer Binance Charity to distribute funds accordingly to projects and beneficiaries who are most in need. Below the Binance Charity Wallet, there is a list of charitable projects accepting donations, as well as previously concluded projects.

On July 15, 2019, Binance Charity Foundation distributed 1,100 Pink Care Tokens (PCAT) and delivered 1,100 packs of reusable sanitary pads to 1,100 girls in Bukanga Sub-County, Uganda, as part of their plans to alleviate period poverty.
This delivery follows the announcement of 47 organizations in the Pink Care Token alliance, all working together to empower 1 million women in developing countries by providing better feminine hygiene.
Here you can find the press release related to the distribution of Pink Tokens: Binance Charity Distributes Pink Care Token, Reusable Sanitary Pads to 1,100 Girls in Uganda

In the partnership with Mercy Corps, Binance Charity has designed “Humanity First Token” (BHFT), a token used to improve the living conditions of the refugees who fled from South Sudan to Uganda.
During the project, as beneficiaries, the refugees are able to receive a certain amount of Humanity First Token directly in their Trust Wallet account and exchange the token for food, solar panel, and other essential items at local vendors. The vendors are able to redeem the tokens, that pegged to Uganda Shilling, at Binance Uganda exchange.
This article gives you more details about this story.

Are you interested to know more about this crypto charity? Read their responses to some Frequently Asked Questions: Binance Charity FAQ: Empowering the Bottom Billion with Blockchain Transparency