As the coronavirus crisis slowly starts to run its course, several cryptocurrency and blockchain firms across the globe have started to pledge their support to Wuhan, China. Binance, one of the world’s top cryptocurrency exchanges, has pledged to donate 10 million Chinese yuan, or about $1.44 million, to help the humanitarian efforts.
Not Feasible For Crypto Donations, Binance Donates Fiat
Changpeng Zhao, the CEO of Binance, made a tweet on the 25th of January, making this pledge. Strangely, he didn’t make this tweet until one Twitter user tagged him in a news article. This article was related to crypto donations that the cause is accepting for the coronavirus crisis.
CZ explained that in Wuhan, it wasn’t feasible to donate crypto and expect it to reach everyone. Instead, CZ said that Binance had pledged RMB10 million to the crisis. The lack of announcements thereof was blamed on the team is very busy as a whole, with logistical issues on the local regions being a factor.
Crypto Donation Program By Krypital
On the 25th of January, the Krypital marketing service firm posted an article on WeChat. This article describes the firm creating a charity donation program to help deliver medical supplies to the victims of the Wuhan coronavirus.
The company further announced a planned creation of a blockchain-based donation system. This system is claimed to allow for more efficiency and transparency. As it stands now, the firm is only accepting Tether (USDT) coins, using the Ethereum blockchain network.
The company is also hosting a recruiting program for volunteers. These volunteers will help with general group administration, sorting, transportation management, and material purchase. Further volunteer work will be done by way of graphic designers and media announcements.
Interestingly enough, the coronavirus has had a significant impact on the Bitcoin (BTC) as well. Bitcoin dropped down 6% on the Chinese New Year and is suspected to be due to the general uncertainty that is surrounding the coronavirus. On the 26th of January, Fox News let out a report that stated the current death toll to be 56 people.
The coronavirus is a severe humanitarian crisis. The virus is very capable of killing humans, especially the young and elderly. However, it is imperative that the general public not be thrown into a frenzy thanks to mass media sensationalizing it. The crisis is a real one, yes, but this is in no way comparable to the Bubonic plague, as some of the more clickbait titles claim. Be safe, and don’t worry if it’s not in your country yet. If it is, be careful, but this is no world-ending superplague.