Beyond a proven use case the utilization of crypto in organizing a donation campaign to assist communities in need – in this case of medical supplies and vaccines – may take crypto miles ahead of other financial instruments given mobilization during necessity. This campaign, therefore, serves to put cryptocurrency and blockchain through their test of fire.
Binance Charity makes the world’s first crypto donation worth $1 million towards UNICEF to support the organization’s role as the key delivery partner for the COVAX Facility. The funding is purported to support UNICEF’s role in delivering vaccines to 11 countries by the end of 2021. Ghana, Nigeria, Kenya, Uganda, Egypt, Indonesia, Philippines, Vietnam, Bangladesh, Ukraine, and Brazil feature on the list.
Binance’s donation happens a day after Huobi’s donation of $1 million to UNICEF to support the creation of blockchain technology innovation.
Binance’s contribution could help cover the costs of delivering over 500,000 doses of COVID-19 vaccine to low and middle-income countries. This aims to cover the costs of planning, transport, cold chain equipment, and PPE kits.
This comes with a clear message from the cryptocurrency exchange that started in China: the past year’s events have surfaced new social and economic issues and have presented the crypto-community with an opportunity to provide support through transparent global distribution to the ones most in need.
Other Instances of Donation
India on the other hand is currently flooded with donations in cryptocurrency from within the state and abroad.
It began with a tweet from Polygon co-founder Sandeep Nailwal that called out to the crypto-community to contribute to a pan-India COVID-19 relief campaign taking full responsibility for the transparency, fund usage, and regulatory campaign.
This tweet evokes a response from Balaji Srinivasan, a crypto pioneer, and technology investor, and Ethereum co-founder Vitalik Buterin who donate $600,000. Australian Cricketer Brett Lee donated one Bitcoin in the campaign inspired by fellow Australian Cricketer who donated $50,000. The campaign resulted in $3 million on the whole.
It may be noted that India lined with those countries that were skeptical towards cryptocurrency, going so far as to prohibit the crypto in 2018. Lately, however, the center has softened its stance on crypto promising a small window of allowance for necessary experimentation.
Why Crypto Donation?
Words of Balaji Srinivasan adequately answer as to why donate in crypto, “An important feature of crypto is that it enables fast, transparent humanitarian donations from around the world.”
Replying to the tweet of Sandeep Nailwal, Vitalik Buterin shared proof of his donation in 100 ETH and 100 MKR. Transparency in transaction and distribution makes crypto an apt financial instrument to use during such times.
And similarly, each donor may share their proofs of their contributions for online for verification. Such an initiative, accompanied by peer confidence and trust is further proof of transparency only possible on a blockchain platform.
Beyond a proven use case the utilization of crypto in organizing a donation campaign to assist communities in need – in this case of medical supplies and vaccines – may take crypto miles ahead of other financial instruments because of mobilization during necessity. This campaign, therefore, serves to put cryptocurrency and blockchain through their test of fire.
However, it strains to be seen how the contributed funds may actually be disbursed to produce results. This includes the purchase of cryogenic containers for oxygen supply, cold chain for vaccine distribution, and medical supplies. Success on these grounds should seal the case for blockchain and crypto adoption across industries.