Binance Charity, the blockchain-based charity arm of the world’s number one cryptocurrency exchange by trading volume, has announced that it has initiated the Australia Bushfire Donations project to help raise funds for the restoration of the region which has been devastated by wildfires. Binance Charity plans to donate a whopping $1 million worth of its native altcoin, Binance coin (BNB) as a lead donor, according to a blog post on January 8, 2020.
Binance Poised to Make Australians Smile Again
On December 19, 2019, a bushfire was suddenly started by unknown persons in south-east Australia and this inferno, which has been described as the worst wildfire the nation has ever seen, has burned an estimated 26 million acres of land, killing several people and destroying 5,900 buildings as of January 8, 2020.
Now, Binance Charity, the official charity and global philanthropy arm of the Changpeng Zhao-led Bitcoin trading venue, has rolled out the Australia Bushfire Donations project, a relief effort aimed at alleviating the impact of the disaster and facilitating the rapid restoration of the region.
So far, it has been reported that the economic damage caused by the raging bushfire will exceed $4.4 billion.
Demonstrating the Potential of Blockchain
In addition to helping Australia to raise funds from members of the public through the Australia Bushfire Donations project, Binance Charity says it will donate $1 million in BNB to victims, in a bid to sympathize with victims, while also demonstrating the potential of blockchain technology.
Commenting on the initiative, Helen Hai, Head of Binance Charity Foundation said:
“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 Binance Charity which is to use technology to empower people and help those in need.”
So far, the Binance Australia Bushfire Donations platform has received 19 donations totaling 120.02 BTC ($990,954) from members of the public and the team has made it clear that the funds will be sent to the victims via their local communities and organizations.
At press time, the price of Binance coin (BNB) is up by 1.25 percent at $14.92, with a market cap of $2.32 billion, as seen on CoinMarketCap.