©2018 By The Crypto Times

 

Binance Explains How it Helped Donations for Japan’s Flood Victims

October 29, 2018

 

Binance, the world’s most successful and popular cryptocurrency exchange has proven that the cryptocurrency community has a large heart! Japan had faced severe floods and mudflows this year from late June till the second week of July. Binance came to the rescue and published the internal details on how much help the cryptocurrency community played in a blog post on Medium on October 24th.

 

Binance asked for help on July 8th and raised roughly $410,000 in cryptocurrency donations during that time in only seven days. The total donation was $1,410,000 which included a $1,000,000 donation by Binance.

 

Donations till October 15th, amounted to 56,700,000 Japanese Yen. The donations helped over 41,200 victims in the regions of Hiroshima, Ehime, and Okayama.

 

Crypto to Fiat Donations

 

Cryptocurrency was converted to fiat thanks to a Japanese Blockchain and Cryptocurrency enthusiast by the name of Mai Fujimoto. She agreed to accept about $400,000 in BTC which was converted to Japanese Yen and transferred to the notable donation organizations of Peace Winds Japan and Momotaro Fund accordingly.

 

Peace Winds Japan focuses on humanitarian relief during emergencies such as natural disasters while Momotaro Fund supports victims in the Japanese region of Okayama.

 

Cryptocurrency Donations

 

The next round of donations was done straight through cryptocurrency. Binance transferred a total of 169.85 ETH to Open Japan’s new cryptocurrency account. Open Japan focuses on providing volunteers to help in the cleanup efforts after disasters.


Cryptocurrency Community playing their Part

 

Various cryptocurrency projects are helping as much as possible to improve the lives of underprivileged people along with the times of natural disasters. One such cryptocurrency which has been extremely philanthropical is Ripple.

 

In the last week of March 2018, Ripple donated $29 million through DonorsChoose.com. Ripple funded the donation through its XRP tokens to help purchase classroom materials for more than 28,000 public school teachers across the 50 states in America. It was the largest cryptocurrency gift to a single charity,

 

Ripple has been renowned for changing the way cross-border transactions take place. Thanks to Ripple’s technology moving money from one country to another is much cheaper and faster than traditional methods such as Swift.

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