Binance Pledges $20,000 To Beirut Explosion Victims, Asks Blockchain Community To Donate

KEY POINTS

Binance will donate $10,000 and will match every dollar value of the other $10,000 donated by the blockchain community
Binance Charity, the company’s donation arm, will work with local partners
Every information on every donation, transaction, and procurement will be publicly available at Binance's Beirut Relief fund page

The charity arm of crypto exchange Binance announced it will donate $20,000 to the victims of the Aug. 4 explosion in Beirut through the newly launched Beirut Relief Fund.

Binance Charity will directly donate $10,000 while it will match every other cryptocurrency donated on the Beirut Relief Fund with its dollar value until it reaches a total value of $10,000. Helen Hai, head of Binance Charity, said the company will be working closely with its local partners, Coindesk reported.

“With our condolences, our hearts go out to those who are suffering and have lost loved ones. We stand with you, Lebanon, and we at Binance will work closely with local partners to help improve conditions and livelihoods,” she said in a statement.

The Beirut Relief Fund page will list the donation records, the individual crypto recipients and the number of end-beneficiaries in order to ensure transparency.

The devastating explosion of 2,750 metric tonnes of ammonium nitrate has killed 150 people and injured 5,000 more. More than 300,000 people lost their homes in Lebanon’s capital, which was reeling from the effects of the COVID-19 pandemic and worsening economic crisis. "Beirut’s health care system has suffered an even greater blow, as many hospitals and health facilities were damaged or destroyed in the blast," Binance said.

A number of crypto donation drives have been started to help Lebanon. Lebanese expats in Europe have also organized the Crypto Disaster Relief For Beirut Explosion fund, where people can donate cryptocurrency. Proceeds from the fund will be donated to local Lebanese beneficiaries, including nonprofits Beitel Baraka and Baytna Baytak.

Saifedean Ammous, a Palestinian professor who wrote “The Bitcoin Standard,” a highly recommended guide for understanding Bitcoin, also set up a fundraising effort for Beitel Baraka and the Lebanese Red Cross.

Binance Charity is also currently accepting donations for its Crypto Against COVID fund. It has so far raised $4,335,868 to help hospitals and organizations procure medical items such as masks, protective suits and gloves.