Bitcoin exchange Binance is leading the charity effort to provide support to coronavirus victims by pledging $1.5 million.
Binance Leading the Effort to Help Coronavirus Victims
The new virus Coronavirus has already infected thousands of people and, as of this writing, claimed 56 deaths in China. Moreover, concern grows as the epidemic spreads all over the world. Indeed, confirmed cases of people infected are reported in Europe, the Americas, and other regions of the world.
For #Wuhan, not realistic to do crypto to end beneficiaries.
Binance pledged 10m RMB ($1.5m USD) to help #coronavirus victims.
We didn’t make any announcements. But BCF/Binance team has been busy for the last few days.
Still need help to arrange logistics locally.?♀️ https://t.co/UH6FXgVSrX
— CZ Binance (@cz_binance) January 25, 2020
Due to the gravity of the pandemic outbreak, Binance decided to lead efforts to help Coronavirus victims. On January 25, 2020, Binance CEO Changpeng Zhao tweeted that his firm pledged 10m RMB, approximately US$ 1.5 million, to help victims of the pandemic.
Zhao also pointed out that he was proud of his team’s charity efforts. And he added, “[I] hope we can do our part to help people get better soon.”
Donating Bitcoins Improves Tax Benefits
Bitcoin has demonstrated itself to be a useful currency for helping victims of natural disasters. For example, after Puerto Rico suffered devastating natural disasters, Coinbase CEO Bryan Armstrong launched a crypto-focused fund to raise USD$ 1 billion.
Indeed, Bitcoin has long been considered the currency for charity. As Connie Gallippi, the Executive Director of BitGive, put it,
“Bitcoin allows BitGive to confirm remote transactions, significantly lower transfer fees, provide transparency in real-time, execute cryptographically-secured transactions and obtain fast settlements.”
Additionally, many donate Bitcoin because of tax benefits. As the New York Times earlier reported, donating with Bitcoin “can be tax advantageous, and the technology the currency is built on could make it easier to see how a donation is being used, forcing charities to become more transparent.”
Consequently, an increasing number of charity-focused organizations, such as Save the Children, the Red Cross, Greenpeace, and United Way, are accepting donations in Bitcoin and making use of blockchain technology to increase efficiency.
What do you think is the likelihood of Bitcoin becoming the primary currency for charity donations? Let us know in the comments below!
Images via Shutterstock, Twitter: @cz_binance
