- Binance has published an update on its donations to assist with relief efforts for the West Japan floods
- The first round of transfers for cryptocurrency donated was given to local intermediaries such as Miss Bitcoin Mia
- Some were transferred directly to Open Japan, who opened a cryptocurrency wallet for the purpose
Earlier this year, Binance solicited for cryptocurrency donations following the floods in West Japan in July 2018. The floods lasted from June to July and led to over 8 million people being evacuated from their homes, as well as 225 deaths.
In wake of this, the world’s largest crypto exchange asked users and industry players to donate cryptocurrency towards relief efforts and this led to over $14.1 million in ERC20 tokens being donated towards the cause.
Now Binance is giving an update on the use of those funds to aid victims. According to them, as of the 24th of October, 63.03 bitcoins (BTC) and 169.85 Ethereum (ETH) has been distributed to local intermediaries, which comes to about $505,545.
Binance transferred 61.09 BTC to Miss Bitcoin Mai, a local supporter who then converted the funds to yen and gave the 25 million yen to both Momotaro Fund and Peace Winds Japan in order to aid victims.
The second round of transfers was simpler in that it did not require conversion form cryptocurrency to fiat currency. Instead, a local volunteer group Open Japan opened a cryptocurrency account of their own to receive funds.
About 169.85 ETH (5.3 million yen, or $47,257 at that time) was given to the organization for relief efforts. An additional 1.943 BTC was given to Bic Camera which helped to get appliances for the various shelters.
“It was carried out instantly, and after confirming the transfer we were able to convert it to Japanese yen. Receiving this donation left us with a deep impression of cryptocurrency: both its growing effect on our world and its potential.” Open Japan said regarding the donation.
Crypto charity on the rise
Binance has been on a bit of a streak when it comes to charitable acts. Earlier this month, the exchange announced they will donate all future listing fees to charity, as well as make the listing fees public.
There has also been an increase in the use of cryptocurrency for charity purposes, with firms such as PundiX soliciting them and more mainstream charitable organizations such as the Red Cross, Save the Children, United Way, and the Electronic Frontier Foundation are starting to accept them as a means of donation.