Binance, the world’s largest cryptocurrency exchange by volume, is working to assist hospitals in multiple countries suffering from the COVID pandemic, according to a press release.
This support is done via the exchange’s charitable branch: Binance Charity. This is a non-profit fundraising branch that is powered by blockchain technology.
Binance Charity has provided the aid of thousands of “personal protective equipment (PPE) materials” to hospitals in Italy, Spain, and China, the release notes. Now it’s coming to New York City, one of the most affected areas in the United States.
To help fund this, the group is hosting a Crypto Against COVID fundraising campaign, which will be “the first charitable campaign to achieve 100 percent donation-transparent, safeguarded delivery.”
On top of this, the New York-specific efforts will have their own cryptocurrency: PPE Token. The release describes this token as:
“The PPE Token verified the successful, tamper-proof delivery of 200,000 N95 masks to 11 benefiting hospitals in New York City and the surrounding region, while also serving as a form of compensation for the couriers. Alongside the transaction IDs, the PPE Token administers 100 percent transparency on the public ledger, showcasing every detail from issuance and distribution, to redemption, including: N95 mask purchase orders; details of the flights transporting the materials; and photo proof of healthcare workers receiving the medical equipment.”
Speaking on the matter is Helen Hai, the head of Binance Charity, who had said:
“Binance is proud to help those on the front lines of the fight against the global pandemic, through direct contributions and a platform that will continue to help long after COVID. Blockchain is a powerful antidote to a problem that has long plagued the philanthropy sector: distributed ledgers have the speed, scalability, and immutability to alleviate donor concerns, ultimately maximizing charitable impact.