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Covid-19: Nigeria, Others Benefit as Binance Charity Donates $1m in Crypto to UNICEF

Admin 10-Jun-2021 Business

Eleven countries including Nigeria, Ghana, Kenya, Uganda, and Egypt which may be affected by the lopsided distribution of vaccines, are getting needed help from Binance charity, a philanthropic arm of Binance, the world’s largest cryptocurrency exchange.

The charity organisation made the world’s first crypto donation of $1 million to the United Nations Children’s Emergency Fund (UNICEF) to help deliver COVID-19 vaccines to communities in 11 countries by the end of 2021.

The gesture is part of the crypto against COVID campaign by Binance charity, which has donated $4 million towards the global battle against COVID in over 20 countries.

Head of Binance charity, Helen Hai, said, “Binance charity is proud to help those on the front lines of the fight against the global pandemic, through direct contributions and a platform that will continue to help long after COVID. Blockchain is a powerful antidote to a problem that has long plagued the philanthropy sector: distributed ledgers have the speed, scalability and immutability to alleviate donor concerns, ultimately maximising charitable impact.”

The organisation aims to revolutionise traditional giving, providing a transparent donation process made possible by its blockchain technology. Behind the scenes, every donation is encrypted on an immutable public ledger that generates a transaction ID. Donors can use this ID to track every step of the donation.

According to the World Health Organisation (WHO), Africa has only received less than 2 percent of the 690 million COVID-19 doses, and most countries on the continent received vaccines in very small quantities as of April.

WHO regional director for Africa, Matshidiso Moeti, said, “Although progress is being made, many African countries have barely moved beyond the starting line. Limited stocks and supply bottlenecks are putting COVID-19 vaccines out of reach of many people in this region. Fair access to vaccines must be a reality if we are to collectively make a dent on this pandemic.”

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