Binance Donates $1 Million to Japanese Flood Victims

Binance, one of the world’s largest cryptocurrency exchanges, is showing its humanitarian side by donating $1 million to the victims in West Japan that were affected by the heavy rains on 7 July 2018. News outlets in the country have reported a death toll surpassing 70 people, with over 40 still missing.

Digital currency operator Binance, founded by Changpeng Zhao in 2017, has announced a major donation for the sake of the victims of this week’s massive flooding and landslides triggered by torrential rains in western Japan. The death count is now at 72 people and over 40 remain missing while rescue operations continue in disaster-hit areas with 54,000 personnel from the police, fire departments, the Self-Defense Forces and the Japan Coast Guard.

Hiroshima, Ehime, and Okayama were the hardest-hit areas, followed by Yamaguchi, Kyoto, Gifu, Shiga, Osaka, Hyogo, Kochi and Fukuoka prefectures.

Binance, which is on its way to record between $500 million and $1 billion profit in 2018 after reporting $300 million in revenue in the first semester, is helping out the ones in need with its disaster relief donation of $1 million. The operator has also called for its cryptocurrency friends and partners to join in the initiative.

To contribute in cryptocurrency, one can make an anonymous donation by sending ETH or ERC20 tokens directly to the Binance donation address, which can be found on the company’s announcement. A named donation would require an email sent to [email protected] including the name, the amount donated, the address from which you the donation is sent, and the transaction ID.

“All outgoing transactions from the Binance donation address will be explained by Binance and used for charity purposes only.”

The digital currency exchange, which generates an average of $1.5 billion in daily trade volume, wasn’t the first to make charity donations. In late March 2018, San Francisco-based Ripple supported U.S. public schools through DonorsChoose.Org by donating $29 million in XRP. Ripple was able to fund every single classroom project request on the nonprofit’s website, fulfilling 35,647 requests from 28,210 public school teachers in a total of 16,561 public schools, which is 1 in 6 of all the public schools in America.

According to Fidelity Charitable 2017 Giving Report, the Bitcoin community has significantly increased the amount and number of Bitcoin donations the organization has received. During the first semester of 2017, the total contributions made in the form of Bitcoin to Fidelity Charitable stood at $9 million, which is $2 million more than all donations made by the community in the whole year of 2016.

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