Few days after Binance announced Catherine Coley, Ripple’s former head of XRP institutional Liquidity, as the CEO of Binance America, the largest exchange has partnered with Ripple, Tron, VeChain and 42 other crypto firms to launch a Stablecoin designed to reduce the level of poverty in the society.
In an announcement today, Binance Charity Foundation (BCF), a blockchain- based charity platform, which is the philanthropic arm of Binance Exchange, reveals it’s launching ‘Pink Care Token’ (PCAT), a Stablecoin designed to enrich and empower around 1 million women in developing countries. The Stablecoin will increase feminine health and wellbeing in the affected regions.
Binance Charity Foundation will make its maiden delivery of Pink Care Token and sanitary pads mid July in Uganda, an Africa country said to be impoverished with poverty. The development is humbly supported by Ugandan Government.
CEO of Binance, Changpeng Zhao (CZ) said the Pink Care Token is the maiden “social-impact stablecoin issued on Binance Chain”.
The exchange has the mind of increasing the adoption of cryptocurrency across the globe, in so doing, the firm sees charity as a means to promote cryptocurrency.
The stablecoin, which is a redemption-only token on Binance Chain, enables holders to get a year supply of sanitary pads instead of a fiat currency.
The stablecoin will bring the actual value of fiat to the cryptocurrency world and will also reduce the level of poverty in the country.
In her word, the Head of Binance Charity Foundation, Helen Hai, said the alliance among big crypto firms on the stablecoin would be deployed to shape a brighter future for all human beings, especially the bottom billions.
Binance has been at the fore alleviating poverty in Uganda. The “Binance for Children” is a remarkable effort by the Binance Foundation. It distributes food among school children, as well as educational material.
Founder of TRON and CEO of BitTorrent, Justin Sun, who spoke on the initiative said it is a way of increasing the acceptance of cryptocurrency, saying TRON community is happy to be involved in a charity idea like this.
The members of the alliance are:
Binance, Ripple, TRON and some other few crypto projects are at the fore when it comes to charity. The three are performing excellently by increasing the adoption of crypto with charity across the world.
Image Credit: Binance.