Quantstamp is proud to announce that we are contributing to the Binance Charity Project, Crypto Against COVID. As the spread of COVID-19 continues, cases have been confirmed in more than 175 countries. The World Health Organization (WHO) stated that as of March 23, 2020, the number of confirmed COVID-19 cases worldwide exceeded 300,000.
This campaign follows efforts already rolled out by Binance in January throughout mainland China. Allocating $1.4 million through its “Binance for Wuhan” project, this initiative supplied various equipment—gloves, masks, sterilizers, hand sanitizer, testing kits, protective suits and more—to over 300 hospitals and medical teams throughout China.
Donations made through this global campaign will be used to purchase medical equipment and supplies that will be distributed throughout countries that are currently most heavily impacted by the virus: Italy, Germany, Spain, South Korea, Iran, Turkey, the United States and the United Kingdom.
How the process will work:
- Binance Charity made an initial donation of $1 million USD in BUSD and set up a wallet for public donation.
- Binance then converts the BUSD to fiat, purchasing supplies from vetted suppliers and shipping the supplies to targeted hospitals in countries that have been affected.
- As a next phase, Binance will continue with more donations based on how the situation evolves.
How the Binance Chain Increases Transparency
Often, only a small percentage of donations made to charities are spent on the cause itself, with most being used to pay for administrative costs and overhead. In order to increase transparency, the Binance Charity Foundation is using the Binance Chain and will publish all transactions made with the donated funds.