The leading cryptocurrency exchange Binance is helping those affected by floods in West Japan. As per the official report, the crypto exchange will be donating $1.4 million dollars. During heavy downpours in Japan, devastating floods damaged around 17,000 houses and 13 people were reported missing. The information was released by Binance in a blog post a few days ago.
Binance Helps Japanese People
In order to help individuals hit by heavy floods in Japan, Binance decided to request donations to help remedy the disaster. The original proposal said that Binance was going to donate $1 million dollars. However, the company has also asked ‘crypto friends and partners’ to help in the relief initiative.
Interested parties were able to donate anonymously using ERC20 tokens or Ethereum (ETH). The donations raised by the exchange were $410,000 dollars in various types of ERC20 tokens.
In order to support the frontline donation operation, the platform contacted local NGOs, other organizations and government agencies. As of October 15, Binance was able to complete donations worth 56,700,000 JPY. According to Binance, these were 63.03 BTC or 169.85 ETH. The funds were used to help 41,200 victims in Okayama, Ehime and Hiroshima.
Open Japan, an NGO founded by groups of victims from the 2011 Tohoku earthquake, said that the donations were processed instantly.
“It wasn’t difficult to get our account set up, and once everything was ready Binance contacted us to proceed with the donation,” explains the NGO. “It was carried out instantly, and after confirming the transfer we were able to convert it to Japanese yen. Receiving this donation left us with a deep impression of cryptocurrency: both its growing effect on our world and its potential.”
Binance informed that they will continue donating funds to support the weak and victims of disasters using cryptocurrencies.
In the press release, the exchange shared with the community the transactions’ ID. These transactions were processed on July 19, July 26, August 28, August 31, and September 2. Some of the teams that donated funds we find POA Network, Steemit Japanese Community, UTRUST Team, Havven, and OCT Coin.
Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.
