Binance donates $1.5M to Coronavirus victims

Having infected thousands of citizens in China, the Coronavirus has caused 56 deaths in the country already. As the epidemic is spreading, concern has been growing all around the world. Reportedly, people are infected with the virus in parts of the US, Europe and other regions of the world. 

Binance has pledged 10M RMB (approximately US$ 1.5 million) to the victims of the virus, as per a tweet by Binance CEO Changpeng Zhao. He also mentioned that he’s proud of the charity efforts made by his team. He said, “[I] hope we can do our part to help people get better soon.”

Bitcoin: A charity coin

Bitcoin has proved to be a useful currency for helping the victims of natural disasters. For instance, after the natural disasters in Puerto Rico, Coinbase CEO Bryan Armstrong launched a crypto-focused fund to raise USD$ 1 billion. 

According to the Executive Director of BitGive, Connie Gallippi, the reason why Bitcoin is such a good charity coin is becuase it “allows BitGive to confirm remote transactions, significantly lower transfer fees, provide transparency in real-time, execute cryptographically-secured transactions and obtain fast settlements.”

Donations are also made in Bitcoin because of tax benefits. According to an earlier report by the New York Times, donating with Bitcoin “can be tax advantageous, and the technology the currency is built on could make it easier to see how a donation is being used, forcing charities to become more transparent.”