Binance Raises Over $500,000 in Bitcoin (BTC) and Ether (ETH) Donations For Japan's Natural Disaster Victims

2년 전

By  Omar Faridi @cryptoglobe

 The southwestern region of Japan experienced massive floods and mudflows  during late June and the first two weeks of July 2018. On July 8th,  Malta-based crypto exchange Binance’s management “called for action to  remedy the disaster” - as the freshwater flood has damaged over 17,000  homes and caused at least 225 deaths. Binance published a blog post  on Medium (on October 24th) which explains how the crypto community  responded to the exchange’s call to action. Binance’s update covers the  time period from July 8th to September 21st. 

Over $1.4 Million In Total Donations

So far, the charitable  fundraising effort has “raised roughly $410,000 [and] more in  crypto-donations at that time in 7 days, making a total donation valued  at $1,410,000.” Crypto tokens donated so far are mostly Ethereum-based ERC-20 compliant tokens. The exchange also asked  non-governmental organizations (NGOs) in Japan to help out as they were  asked to “support the frontline donation operation.” Per Binance, there  were four types of organizations that satisfied this requirement. 

These included: ”on-site,  direct/immediate support, and openness to cryptocurrencies.” Binance has  now reported that “as of October 15”, it has received donations of  about 56,700,000 Japanese yen (appr. $403,500) - an amount valued at  approximately 63 Bitcoin (BTC). The donations have reportedly helped over 41,200 victims from three prefectures including Hiroshima, Ehime, and Okayama. 

Miss Bitcoin Mai Converts Crypto To Fiat

Explaining how the funds were handed out, Binance’s blog post noted that a local supporter known as Miss Bitcoin Mai agreed  to accept about $400,000 in BTC - which “she converted … to JPY and  bank-transferred 25 million JPY to Peace Winds Japan and 25 million JPY  to Momotaro Fund.” Founded in 1996, Peace Winds Japan  is a charitable organization focused on providing humanitarian relief  during emergencies such as natural disasters. Meanwhile, the Momotarou Fund aims to support “victims in Okayama by subsidizing local communities, NPOs, and other organizations.” 

The Binance-led second round of  donations was reportedly conducted by “directly” using cryptocurrencies.  According to the exchange’s blog, Open Japan,  a charity that provides volunteers to assist in clean-up efforts after  disasters, “opened a cryptocurrency account, and Binance has transferred  169.85 ETH” - an amount valued at about $34,000. 

"Growing Effect" Of Cryptocurrencies

Commenting on the success of Binance’s donation operation, Open Japan said: 

It wasn’t difficult to get our account set up, and once everything  was ready Binance contacted us to proceed with the donation. 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    

As CryptoGlobe reported in late September,  San Francisco-based fintech firm, Ripple Labs, announced a generous  $100 million philanthropic effort called “Ripple For Good.” Ken Weber,  the head of social impact at Ripple, explained that the initiative is  aimed at educating and empowering the underprivileged members of  society. 

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