The CEO of Binance, Changpeng Zhao (CZ) has disclosed that his crypto exchange platform has donated over $2.4 million in the fight against the Coronavirus pandemic.
The Binance CEO was speaking in an ask-me-anything (AMA) session on Friday. He revealed that his company’s charity arm, Binance Charity Foundation (BCF), had donated crypto to purchase COVID-19 medical supplies.
— Binance (@binance) April 3, 2020
He added that the BCF would further donate about $2 million to help contain, prevent, and end the virus. “We are donating physical supplies, masks, other medical supplies, hopefully, eventually, ventilators,” CZ said.
He noted that the crypto trading platform was ready to pour millions into the global fight against the crisis. According to his estimate, the total exchange contributions would add up to around $5 million when done.
CZ explained that these medical supplies were shipped directly to the hospitals in need. “There’s a shipment going to Italy this week, and then hopefully we will be able to cover the US, Germany, and some of the other countries that are severely impacted”, CZ said.
More on the AMA
In the AMA, CZ also discussed several of Binance’s recent activities.
The recent acquisition of CoinMarketCap (CMC) was a major talking point. He emphasized there was no intention of interfering with CMC’s independent operations. He also dismissed reports of converting the new acquisition into a traffic feed for Binance.
#Binance x @CoinMarketCap: Joining Forces to Make Crypto More Accessible Worldwide
"Our common vision will be strengthened by this acquisition to further growth and instil transparency in the industry." – @cz_binance https://t.co/5HpPVFgExx
— Binance (@binance) April 2, 2020
Notably, the exchange had recently entered the South Korean market through the launch of a new exchange, Binance KR. Following the launch, Binance KR is set to support the Binance KRW (BKRW) stablecoin backed by the South Korean Won (KRW).
CZ also spoke about the newly launched Visa-issued debit card directly linked to a user’s Binance wallet. The new card aims to enable smooth transactions with crypto anywhere in the globe.
Other crypto platforms’ fight against COVID-19
Many other crypto platforms have launched donations campaigns in a bid to help tackle the Coronavirus. Most recently, Ripple pledged $200,000 to the fight against the pandemic. Earlier, the Italian Red Cross had started a Bitcoin fundraising campaign to fight the new strain.
Earlier today, the BCF welcomed the Ocean Protocol community for pledging $100,000 to the crypto alliance against COVID-19.
We're very excited to announce @OceanProtocol is joining the #CryptoAgainstCOVID alliance, leading our donation round with a $100K contribution! 🙌
Thank you @BrucePon and the Ocean Protocol community for your generous pledge. @BinanceBCF #CryptoUnited pic.twitter.com/hkkIERgODm
— Binance Charity (@BinanceBCF) April 4, 2020
In Friday’s AMA, CZ had also mentioned that the BCF raising about $200,000 in crypto from the public as well as maintaining that Binance had already donated the said $2.4 million. However, according to reports, BCF’s website only reported $1 million donations so far.
Notably, the efforts of the BCF seemed focused on China as covered by us previously. The charitable arm of the crypto trading exchange had delivered thousands of personal protective equipment (PPE) items to 300 Chinese hospitals till now.