Major Donations Are Coming From Crypto Industry to Fight COVID-19
The crypto currencies market is growing rapidly, with 17 of the top 20 digital currencies trading on multiple exchanges. From humble beginnings, these have become profitable instruments for investors. As we continue to develop, the crypto assets space is sure to attract many more investors and to develop further.
In the cryptocurrency industry, companies such as BitMEX, Binance and the Stellar Foundation have been making headlines week after week for being at the forefront in an attempt to make sizable donations to COVID-19 relief funds. Here is a look at some of the biggest and most remarkable donations from crypto-related companies.
While each organization has its own specific reasons for doing so, it seems as though the common denominator that brought them all together is that they are all sending regular donations that make a major impact.
It is the industry that relies on, and benefits from the humanitarian endeavours of those charitable institutions. Now we've heard from one developer in case of rescue parties who is offering a possibility to sell his ether for USD on exchanges in order to alleviate some of the financial hardships of those families. A concept, of course, that is not that far from where cryptocurrencies have previously started. Many began from the victim-to-be's point of view and sales on the bitcoin market to fundraise funds.
As early as Jan. 25, Changpeng Zhao, the CEO of a top-ranking crypto exchange Binance, announced in a tweet that his company has pledged to donate $1.5 million (10M RMB) to help the victims of the coronavirus in Wuhan, China. The funds are to be donated to the Chinese authorities to purchase medical supplies in the wake of the disastrous pandemic.
Stellar's contribution was second only to Binance which is well-known for its massive donations in the cryptocurrency world. The nonprofit organization's donation, however, was the first in a series of expected donations from both companies to help make the difference for the small Lebanese community impacted by recent hurricanes.
The Stellar Development Foundation is fortunate to have XLM reserves and an active community. Combining the power of those two things, we’ve been able to work together to help organizations (UNICEF, The Tor Project, Heifer International, Watsi, Freedom of the Press and Women Who Code) that are creating vital change in the world
I hope so. It will certainly strengthen their position among investors as the platform will begin to offer more financial products and higher fees than conventional banking services. I, for one, am happy to see the industry taking action and start to shed more light on this issue and new possibilities available to investors."