The Binance Charity Foundation, (BCF) the altruistic arm of leading crypto exchange, Binance, has revealed their pilot programme for crypto donations to Binance’s Lunch For Children Programme. The BCF is a non-profit organization dedicated to the advancement of blockchain-enabled philanthropy. Donating with blockchain technology ensures a level of transparency that traditional charities cannot or will not provide.
The pilot scheme aims to provide two meals per day for a year to more than 200 students and school staff at the Jolly Mercy Learning Centre in Kampala, which is the first school to benefit from the charity. More than 500 students, parents and other guests were in attendance at the launch, including the Minister of State for Primary education, Rosemary Nansubuga Seninde.
Dr James Ssekiwanuka, the Headmaster of Jolly Mercy Learning Centre, officiated at the ceremony, and said: “It is not only a donation but a disruptive and significant combination of technology and charity, which enables a higher level of trust between stakeholders involved in this process, because people are protected from potential corruption that is vulnerable with middlemen.”
Crypto Donations Made Directly To Digital Wallets Of Parents
According to Binance, donations will be made directly to the cryptocurrency wallets of the children’s parents or guardians, who will then send those assets to the supplier’s wallets in order to pay for the children’s meals. “Everything will be on the chain and can be verified by everyone,” they said.
Alongside Binance, members of the ZCoin team were at the launch after it’s investors pledged $24 000 worth of crypto to the project. Reuben Yap, Zcoin’s COO, said that they were “intrigued” when they learned how the funds were directly traceable to the recipient and how they safeguarded the funds to ensure they were spent on goods.
“Although we’re a privacy coin, in this case, blockchain donations allows full end to end traceability of funds for transparency and accountability,” said Yap. “We are hopeful that Lunch for Children sets a good first model in using cryptocurrency for donations and builds awareness of the potential of blockchain technology in charity.”The programme ultimately hopes to assist one million people in schools across Uganda and other countries like Rwanda, Kenya and Ethiopia. Donations can be made using Binance Coin (BNB),Bitcoin (BTC) or Ethereum (ETH).
January’s issue of 21CRYPTOS Magazine is now FREE!
Master the cryptocurrency industry and get stuck into 100+ pages of coin & ICO analysis, engaging features, essential resources, and quality journalism.
Get your free copy right now: https://archive.21cryptos.com/product/21-cryptos-digital-magazine-january-issue-15/