The Binance Charity Foundation (BCF), the philanthropic part of the Binance exchange, has opened a channel to raise funds to support the terminally ill, the disabled and the disadvantaged children of Malta.
The exchange has long since opened a branch on the island and it is no coincidence that its charitable foundation has also begun to operate in the country.
The funds will be raised for the Malta Community Chest Fund Foundation, the charity that provides financial, material and professional support to improve the lives of 15,000 patients in Malta and Gozo.
The initiative, already active, has been named L-Istrina Campaign and has as its objectives:
- Medical care for patients suffering from serious chronic diseases, such as cancer and rare diseases;
- Advisory services for voluntary organisations helping the most vulnerable;
- Funding services for people with disabilities;
- Social assistance for individuals and families in need;
- Out-of-home care for young people leaving institutions and foster care.
In 2017, the total number of beneficiaries was 15,000, including over 1,000 patients receiving medical care, 2,300 families receiving social assistance, and about 300 people with disabilities receiving funding services.
The Maltese Foundation is committed to ensuring that the funds raised are traceable on the blockchain and is committed to providing monthly updates on the progress of the project, reporting the number of beneficiaries, the type of assistance offered and the amounts spent.
Donations can be made through the appropriate page on Binance Charity. The accepted cryptocurrencies are bitcoin, Ether or Binance coin.
The Binance exchange and TRON have committed to donate $100,000 each in cryptocurrencies to this initiative.
The total amount raised will be revealed during L-Istrina, a 12-hour charity telethon broadcast on international television.
According to the President of Malta, Marie-Louise Coleiro Preca, the BCF platform is a perfect opportunity to effectively show how this innovative technology can be used for the social good.
Changpeng Zhao, CEO of Binance, said:
“Binance is just doing our part to contribute to people who are in need. Charity is one of those areas where everyone should help out if they can. With blockchain technologies, we can solve the transparency problem in charity – increasing the amount of charity people will do. I hope to encourage more people in the space to use crypto for social good”.
Justin Sun, founder and CEO of TRON, added: “TRON has always believed blockchain has enormous potential for social good. As a technology leader, our partnership with BCF and Malta is one of many ways of accomplishing change for the better”.