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Binance revealed the launch of the Blockchain Charity Foundation (BCF) – a social initiative form the largest global crypto exchange currently known to the crypto community.

The start of the charity project was announced at the World Investment Forum held in Geneva, Switzerland and organized by the United Nations’ Conference on trade and development.

Binance’s CEO Changpeng Zhao did a keynote speech at the Blockchains for Sustainable Development session. Zhao, also known as CZ, stated that Binance would pay for all transaction and operation fees on the charity website. All donations will be forwarded directly to the beneficiaries, thanks to smart contracts and secure wallets. According to Zhao blockchain technology would undoubtedly ensure full transparency of all donations made on BFC’s website.

The first charity hosted on BFC’s website will be for the victims of the landslides and floods in Eastern Uganda. Zhao also revealed that the TRON foundation would donate over $3 million to the Blockchain Charity Foundation.

The BFC is already accepting donations with Bitcoin (BTC), Binance Coin (BNB) and Ethereum (ETH).  

At the conference, Zhao also reported that Binance had distributed over $500,000 to organizations through local middleman for the floods in Japan this July. The devastating floods took  225 people’s lives and destroyed over 17,000 houses.

The reveal of the website is the next step towards social good that Binance is making. Earlier in October, the crypto community welcomed the news that Binance’s listing fees would go to various charity organizations.

Binance is the world’s leading cryptocurrency exchange, with over $467 billion in daily trading volume.

Bitcoin Ethereum Blockchain TRON Cryptocurrency exchange Binance

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