One of the biggest natural disasters that have taken place in the year 2019 is hurricane Dorian, which is currently ravaging in the Caribbean and has seen an influx of international attention, donations as well as awareness being raised about the situation. While traditionally, donations given for charitable causes are done in fiat currency, there has been an increase in the last few years of cryptocurrency been donated towards charitable causes and disaster relief and this is a by-product of cryptocurrency been used more wildly by people in general.
Binance has been steadily developing this aspect of the business through Binance Charity which is their charitable arm as the charity announced on September 5, 2019, that they will be accepting cryptocurrency donations for hurricane Dorian that will go towards providing food and aid towards those in the affected areas in partnership with local organizations.
According to the official post, Binance Charity will be accepting donations in the form of three tokens which are bitcoin, BNB as well as XRP and these will be disbursed after collection towards the aid of those affected by the hurricane. So far, the amount that has been collected is $5,852.90 and while disbursement has not yet taken place, Binance has stated that the disbursement will be recorded on the blockchain which will add another layer of transparency towards the whole process.
While this goes on, the hurricane continues to ravage and it is expected that 400,000 people will need food and 13,000 in need of a place to stay with 40 deaths recorded so far. This hurricane is considered one of the biggest natural disasters in the Caribbean.
“I believe the number will be staggering. I have never lived through anything like this and I don’t want to live through anything like this again,” said Bahamian Health Minister Duane Sands.
Besides these efforts, Binance charity has also been involved in women’s rights as well as education and they are not the only organization that is embracing crypto for the greater good as the Rainforest Relief Foundation recently began soliciting crypto donations to assist in the Amazon rain forest fires that have raged on and shows just another layer to the beneficial nature of the crypto ecosystem.