Binance appoints a new director for his charitable foundation

Blockchain can help the development of the charitable industry with the tools it offers. It is well known that within philanthropic acts and foundations there have always been problems of corruption, scams and others, because centralization prevents transparent monitoring of information and money.

The strength of blockchain in this scenario is to offer a guarantee for the immutable registration of information, the absence of intermediaries, the possibility of tracking transactions and transparency.

Helen Hai, one of the goodwill ambassadors in the UN Sustainable Development Department, was appointed director of the new charitable foundation of Binance Exchange, the world's largest cryptocurrency exchange.

Announced on July 9, Helen Hai's work focuses mainly on development in Africa, being at the head of the board of the Binance Charity Foundation, the generous arm of the exchange with the largest volume of daily trade.

The exchange stated in a press release that :

"Helen believes strongly in the mandate of the Foundation: Blockchain for social good. Technology can make charity transparent and, therefore, use the chain of blocks and innovation to support the UN Sustainable Development Goals. "

As far as is known, Hai led a charity initiative a little less than a month ago, which had as its goal the collection of donations for the different labor development programs in East Africa.

This charity group is the last branch organization that Binance launched in recent weeks. In fact, CoinDesk says that the creation of the foundation suggests that the company is putting earned income to work. According to a Business Insider post, Binance expects to obtain up to one billion dollars in profits during 2018.

In addition, Binance announced that it is looking to invest in a so-called "next wave of cryptocurrencies and blockchain startups". I also speak of a so-called "Social Impact Fund" of one billion dollars at the beginning of June.

She Zhang, who leads the incubation program of the stock market, considers that this project is a disruptive social experiment. For that moment he said that "Binance Labs hopes to work with more ambitious projects to explore the blockchain applications and advance together in the growth of the industry".

Source: CoinDesk