- Binance has given more details on its plans to donate listing fees to charity.
- The fees will be given to their charity arm Blockchain Charity Foundation (BCF).
- The arm was established this year and has hosted a session at the United Nations.
Crypto exchange behemoth Binance made news earlier this year when they announced that all their listing fees would be given to charities. It was a move that was praised by many within the blockchain community. However, there was no official announcement until now about what specific charity would receive the funds.
Thankfully, that has been clarified by the firm. The funds will be given to Blockchain Charity Foundation (BCF). BCF is the charitable arm of Binance and according to them, is dedicated to promoting sustainable development and efficient use of blockchain technology.
“We believe that the use of blockchain technology on the charity ecosystem will result in a more efficient and transparent system of distributing donations to those who need it the most,” the statement said.
How it Started
The idea behind BCF came from an observation made by CZ who realized that there was a significant level of fraud in the charitable industry, with many donated funds not being used for their appropriated tasks or being embezzled.
Even before Binance was launched, CZ had the idea of creating a way for donations to be tracked more effectively and for greater transparency in the charitable industry.
BCF is CZ’s way of achieving this vision, with the statement saying,
“Binance is building a fully transparent donation platform that enables traceable ad flexible multi-currency donations recorded on the blockchain.”
Progress so Far
Since BCF’s inception in 2018, a number of changes and steps have been taken.
One of the first was in regards to its leadership. Helen Hai, a respected Goodwill Ambassador of the United Nations Industrial Development Organization and a Young Global Leader (YGL) of the World Economic Forum was brought in to be the head of BCF.
Hai is currently helping BCF to explore possible applications of blockchain technology to initiatives such as UN Sustainable Development Goals (SDGs).
The advisory board of BCF has also made great progress, bringing President of Malta, Marie-Louise Coleiro Preca on as a member. This has led to a partnership between the President’s Trust and BCF to use blockchain technology to help the vulnerable in society.
BCF also anchored the “Blockchain for Social Good” session at the 73rd United Nations General Assembly and made a donation of a million dollars to the United Nations Development Programme (UNDP).