Binance Set to Donate 1 Million USD to Japan
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Binance Set to Donate 1 Million USD to Japan

Binance will donate $1 million to Japan, where at least 100 people have died and millions are evacuating after massive rains that caused floods and landslides in the region.

Binance, one of the world’s largest cryptocurrency exchanges, is the largest multilingual cryptocurrency exchange in terms of volume of data which provides a liquid and secure marketplace for all cryptocurrencies. The donations will be made in Bitcoin (BTC), Binance Coin (BNB), or in Japanese yen.

At this stage, the donation procedure is kept very simple by Binance. People who want to donate via Binance, have to transfer ETH or any other ERC20-compliant token to the concerned address and notify the exchange, i.e. Binance, via email. If identity has to be kept anonymous, then an e-mail is not required. However, Binance plans to create a separate and a dedicated mechanism to raise funds for such initiatives.

Japan has been hit by a series of disastrous events like massive floods and landslides, which has caused millions to evacuate their homes and potentially never return back to the nation. Numerous individuals have been confirmed dead due to the landslides and floods that had hit Japan, with several more residents still unaccounted for.

Zhao, the 38-year old founder of Binance has also invited individual traders and other companies to join the campaign and lend a helping hand to those who are in difficult circumstances. The CEO of Binance makes it a point that jobs are created and the people who are in need are helped the most. The donation of $1 million to the victims of landslides and massive floods in Japan illustrates the CEO’s philanthropy.

Rather than just focusing its attention on the crypto and the blockchain industry that Binance is active in, It is actively getting involved in philanthropic efforts too. For example, Its recent partnership in Uganda is aimed at creating a number of jobs in the region. The move of Binance to move to Malta will also create new jobs in that country as well.

Binance has opted to send the dedicated donation using cryptocurrency. The company has offered to send the funds with either Bitcoin or Binance Coin, depending on the preferences of the relief organizers.

The cryptocurrency and virtual currency community can do a lot of social good when such incidents happen. The initiative by Binance is one such step towards positive PR of the crypto industry. The initiative is a positive step towards eliminating the negative view about the crypto industry.

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Aayushi Dhawan
Aayushi Dhawan is an avid reader, researcher, crypto writer and a passionate student. While pursuing her graduation in commerce at SRCC, she realized that writing and Finance give her immense pleasure. She is currently pursuing her post graduation in Commerce (Finance) from Department of Commerce, Delhi School of Economics and keeps on exploring the intricacies of research, her biggest strength.