In the wake of the recent massive bushfire happening in Australia, major crypto exchange, Binance, through its charity arm, the Binance Charity Foundation, is supporting relief efforts targeted towards the ongoing wildfires in Australia.
Binance Charity Foundation has set the ball rolling by donating $1 million in BNB tokens.
Cryptos continue to play a significant role in charitable and humanitarian assistance projects across the globe. Commentators say the open, permissionless, and borderless nature of crypto tokens make them prime instruments for supporting emerging relief efforts.
Binance Donates $1 Million in BNB Crypto
Binance announced the news in a blog post published on Wednesday (January 8, 2020). According to the company’s statement, the Binance Charity Foundation has established a new charity project, called the Australia Bushfire Donations to victims of the ongoing bushfires in Australia.
Commenting on the situation in Australia, Binance CEO Changpeng Zhao, remarked:
“It is painful to see the bushfires burning across Australia as well as the devastating effects on the ecology and local community. We want to help this urgent crisis. Donating for Australia Bushfires charity program is the most direct and effective approach to make an impact, and we are also calling for the whole crypto community to join us in supporting Australia.”
Helen Hai, head of the Binance Charity Foundation also echoed Zhao’s sentiments, reiterating the company’s commitment to helping out in the situation.
Hai remarked that the purpose of Binance’s charity arm is to contribute towards making a positive difference in the world while urging others to join in sending in their donations. Back in October 2018, Binance announced that it would disclose and donate all listing fees for crypto tokens on its platform to charity.
Binance joins a growing list of donors with its $1 million BNB donation. Politicians and celebrities have donated or pledged to make donations towards relief efforts in Australia.
Bushfires Devastating Australia’s Economy and Wildlife
The Australia Bushfire started in September 2019 and according to records, this current fire is worse than other fires that have occurred in the region in recent years, with some calling it the worst bushfire to ever occur.
According to the BBC, wildfires in Australia have caused massive devastation across the subcontinent destroying properties and wildlife. Reports say, close to half a billion animals have been killed by the flames with 24 people including three firefighters also among the rising casualty list.
North-South Wales is reportedly the most affected Australian state, with over 1,300 homes destroyed along with five million hectares of land. Other affected states include Victoria, South Australia, Queensland, Western Australia.
Apart from the current death toll in the country as a result of the fire, the natural disaster has also destroyed over 6 million hectares of land comprising forests, bush, and parks. Also, thousands of Australians have been forced out of their homes to find shelter elsewhere.
The effects of the bushfire on the Australian economy is going to be massive compared to the 2009 Australia Black Saturday fire. Katrina Ell, an economist for Moody, stated that the bushfire would adversely affect the Australian economy and already lean consumer confidence. Ell further opined that the natural disaster will spike up health spending, reduce human productivity due to air pollution, and lower crop harvests.
Crypto Philanthropy Across the Globe
While there have been several world natural disasters over the centuries, the crypto community in recent times, have shown generosity towards the victims. The Notre Dame-Cathedral in Paris, France, was gutted by fire in April 2019 and burned for about 15 hours.
Digital currency investors and enthusiasts rallied round to raise bitcoin to help rebuild the cathedral. In another case of crypto philanthropy, Fidelity’s charity arm, Fidelity Charitable, revealed that it received a groundbreaking $100 million worth of crypto since 2015.
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