Binance Charity Foundation has opened a new fundraising channel on its Blockchain-powered donation platform

Top crypto exchange Binance’s philanthropic arm, the Binance Charity Foundation (BCF), has opened a new fundraising channel on its blockchain-powered donation platform.

The new program is conducted in support of terminally ill patients and disadvantaged children in Malta and Gozo.

Dubbed the “2018 L-Istrina Campaign,” the new channel will raise funds in aid of national charity, The Malta Community Chest Fund (MCCFF), which works to improve the lives of Maltese and Gozitan individuals and families affected by sickness, disability, or economic vulnerability. The Foundation’s provision encompasses medical assistance, advisory services, financing, social assistance and care packages.

Based on MCCFF’s outreach to 15,000 beneficiaries in 2017, the new fundraising channel is targeting an equivalent number for this initiative. Recorded on the blockchain, donations to the fund are fully traceable.

The MCCFF has further pledged to release monthly updates disclosing the number of beneficiaries to date, the form of assistance they have been offered, and a breakdown of expenditure across the campaign’s various support categories.

According to the press release, Binance, as well as decentralized internet project TRON, have each committed to donate $100,000 in cryptocurrency to the fund. The total sum of donations will be reportedly announced during a 12-hour internationally-televised L-Istrina charity telethon, at an as yet undisclosed date.

Changpeng Zhao (CZ), CEO and founder of Binance, has commented that “with blockchain technologies, we can solve the transparency problem in charity,” thereby generating more trust and participation in charitable initiatives.

President of Malta, Marie-Louise Coleiro Preca, has responded positively to the blockchain-powered donation platform, saying it can allow companies in the space to express their “sound corporate social responsibility values, and to effectively show how the innovative technology of blockchain can be used for the social good.”

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