Binance Charity has announced a partnership with 44 companies for the creation of a stablecoin to help fight poverty.
This is the Pink Care Token (PCAT), a BEP-2 token based on the Binance Chain which will have a stable value as it is pegged to an underlying asset.
However, the underlying is not a fiat currency, but an annual supply of sanitary pads: in fact, PCAT will be used as part of a campaign to combat female poverty targeting 1 million women in underdeveloped countries to improve their well-being and health.
Binance CEO Changpeng CZ Zhao, said:
“Pink Care Token is the first social-impact stablecoin issued on Binance Chain. A part of our mission is to promote cryptocurrency adoption, and I think charity is one of the most efficient ways to bring cryptocurrency value to more people”.
By anchoring the token to the annual supply of sanitary pads, it will have a stable value and will be tradable on exchanges. In addition, it will always be possible to use it to redeem the annual supply, allowing it to be distributed in a very transparent manner, without corruption and with minimum transaction costs.a
The first batch is scheduled for distribution in mid-July in Uganda, in collaboration with a number of Ugandan government ministers.
In Uganda, the “Binance for Children” initiative was launched in February to help school children have access to food through the Lunch for Children programme.
Binance Charity field reporters have also identified some other urgent needs, particularly among girls, and one of these is related to sanitary pads. Many young women cannot afford to buy them and have to use manioc leaves as an alternative, which can lead to infections and other serious consequences.
Over the years, many other foundations and NGOs have sought solutions to this problem, but there is always a huge inefficiency and lack of transparency with traditional systems for this type of donation, which causes loss of trust and high intermediation costs. The PCAT token should serve precisely to increase transparency and reduce inefficiencies.
The Binance Charity Foundation (BCF) is the blockchain-based charity platform and the official philanthropic branch of the famous cryptocurrency exchange. The project is supported by 44 companies and organisations as founding partners of the Pink Care Token, including TRON and Ripple.
The Pink Care Token Alliance is comprised of:
Binance, TRON, BabelFinance, Ripple, Alice, Arrington XRP Capital, Bloq, AELF, Emurgo, Blockseed Ventures, Primitive Ventures ,Paxful, Earth Protocol, Mithril, IoTex, Sora Ventures, Tally Capital, Pundi X, Matic Network, Harmony, Bloc Platform, Quantstamp, Celer, StormX, GXChain, Orichal, Enjin, QuarkChain, Ultrain, Contentos, Zcoin, IOST, CryptoSavannah, Period.org, AfriPads, Fetch, KIZUNA, Certik, V Systems, AIDTech, Fintech4Good, Nebulas, VeChain, 8 Decimal Capital, e Binance Charity.