- Binance-initiated Blockchain Charity Foundation (BCF) has announced blockchain-based donation platform.
- According to BCF, the purpose of the initiative is to help charities and advance the projects of UN Sustainable Development Goals.
- The project has received generous support from other charitable organizations and established cryptocurrency companies.
Crypto exchange company Binance has just unveiled its newest initiative – Binance-initiated Blockchain Charity Foundation (BCF). It is a blockchain-based donation platform, which was launched at this year’s UNCTAD World Investment Forum. The portal’s purpose is to bring transparency to different charitable organizations. It will specifically focus on the progress of the UN Sustainable Development Goals or SDGs.
According to Binance CEO, Changpeng Zhao (CZ), this project was launched because they want to address social problems at a deeper level. To quote the CEO,
“If you look at the first few UN Sustainable Development Goals, such as poverty, hunger, health and even education, these are easily addressed or improved by the charity initiatives. Yet, what we’re trying to do is a level deeper. I believe that by improving transparency in the charity sector, we will be able address all 17 goals as a whole, at a more fundamental layer.”
Foundations Supporting the Binance Initiative
Helen Hai, United Nations Industrial Development Organization Goodwill Ambassador for Industrialization in Africa and Head of the Blockchain Charity Foundation, echoed Changpeng Zhao’s statement. She said,
“Donations through the BCF platform will ensure full transparency, accountability and direct reach to end recipients.”.
During Hai’s speech at the United Nations Research Institute for Social Development (UNRISD) Seminar on Blockchain for Inclusive and Sustainable Development, she also added,
”BCF will leverage blockchain technology to help fill the UN Sustainable Development Goals funding gap and directly empower over one billion people living in poverty. We believe poverty is not a destiny.”
Donation Platform to Focus on Transparency
Among the many challenges faced by charities today is transparency. That’s why Binance’s donation platform will focus on transparent services to advance the UN Sustainable Development goals. In his speech, Zhao was quoted saying:
“Donors don’t have the visibility as to where their funds are going, and most donations do not reach their intended beneficiaries. This lack of transparency causes a lack of trust, further reducing the willingness for people to donate to charity funds in general. With improved transparency, we can be sure that all funds are used for the right purposes. Once people have confidence that we can do more good, there will be more donations coming in. With more donations coming in, we can accomplish even more.”
Binance will also bear all costs to ensure that 100% of the donations are received by the beneficiaries.
The charity platform is expected to receive donations immediately. Initial support for the project will be coming from established cryptocurrency teams and communities, including Bitcoin (BTC), Binance Coin (BNB), and Ether (ETH). TRON Foundation has also pledged $3M, resources and engineering power to BCF to help advance its efforts. BCF will even open a donation channel in order to help Eastern Uganda’s victims of the floods and landslides.