Binance's cryptocurrency exchange, called Binance Charity, has launched an initiative to help Dorian hurricane survivors.
Donations began to be accepted on September 5 and these funds will be used to buy food and help the victims, for which local organizations will be involved.
It is reported that funds are accepted in Bitcoin, Binance Coin and XRP and will then be distributed as part of the Hurricane Relief Project. So far, 14 contributions have been received in the amount of 0.558 BTC, which is about $ 6,000. The distribution of funds has not yet been carried out.
Binance Charity notes that donations and expenses will be recorded on the blockchain, and this indicates the transparency of the initiative. However, the organization did not only request cash donations. She asked for tips on how to make providing assistance faster and more effective.
Referring to information from humanitarian organizations, Binance said that about 400,000 people need to be provided with food.
With the growth of the cryptocurrency sector, the use of cryptocurrency for charitable purposes is increasing. Earlier, Binance Charity supported initiatives to improve education and improve women's health.