Binance Launches Donations Portal Based On The Blockchain

The charity division of Binance, the world’s largest cryptocurrency exchange by market capitalization, has launched a blockchain-based donation portal to track and make charity more direct, accessible and transparent.

The Blockchain Charitable Foundation (BCF) presented the platform during the Blockchain for Sustainable Development session at the UNCTAD world investment forum, held at the United Nations headquarters in Geneva, Switzerland. He was introduced by Binance CEO Changping Zhao.

The blockchain donation portal will make use of a three- to four-layer tracking system which will consist of “donors, charity programs, charity partners (optional), and ultimate beneficiaries”. Because it is all blockchain-based, stakeholders will be able to track donations in a transparent and accurate way.

Binance will bear all transaction fees associated with the new donation portal and ensure that 100 percent of the donations will go directly to the final beneficiaries.

The portal will initially support Binance Coin (BNB), Bitcoin (BTC) and Ether (ETH), with additional features coming soon.

Binance earlier this month decided to donate all fees associated with listing a cryptocurrency token to charity.