Cryptocurrency firms have been stepping forward to donate and help coronavirus victims in China. Binance, the famous cryptocurrency firm, is set to donate no less than 10 million yuan (which comes around $1.44 million) to aid the victims.

Binance has always been setting an example by donating for noble causes and charitable activities. On 25th January, the CEO of Binance, Changpeng Zhao, tweeted the intention of his crypto firm to help the coronavirus victims.

His tweet said that ‘Binance pledged 10m RMB to help #corornavirus victims.’ He added that though the firm did not make any announcements, the team has been working on it in the past few days and that they still need some ‘help to arrange the logistics locally.’

Binance has purchased around 8000 medical masks to help the victims as all the masks in Japan, China, and other surrounding regions have been sold out due to the virus threat. But the firm has been facing issues in transporting the masks to Wuhan, according to AZ Coin News.

The chief tweeted about the purchase and asked people to share sources of logistics that are still working so that they can transport the masks to Wuhan.

Krypital is a blockchain marketing company, which has launched a charity collection activity to buy medical supplies for the coronavirus victims in Wuhan. An announcement was made on 25th January by the firm stating that it would be collaborating with other blockchain firms to gather and raise as many funds as possible.

The firm also mentioned that it would be setting up a donation system based on a blockchain wallet to ensure that the process is transparent and efficient. It went on to share the method to donate and added that the amount will be added and listed. Krypital is currently accepting Tether (USDT) on the Ethereum blockchain. People can also donate through the WeChat group by scanning the QR code the firm shared within the announcement.

In a move to keep things transparent, the firm listed the supplies it would be purchasing and donating to the victims in Wuhan. Krypital is recruiting volunteers for material purchase, administration, making announcements to the media, sorting and transporting the supplies, and graphic designers to spread the word.

Past News of Charities

During the floods in Japan in 2018, Binance has pledged to donate $1,000,000 and has organized a charity collection to help the victims of the flood.

In Other News

On Chinese New Year, Bitcoin went down by 6% due to the uncertainty surrounding coronavirus. Fox News has reported on 26th Jan. that the death toll due to the virus has touched 56.

In the latest update, Bitcoin is getting closer to $8500 due to a decent influx of capital in the crypto market. Ethereum is up and has touched $164, while XRP is being stable at $0.2239. Bitcoin Cash has gained the most by going up by 9% and is trading at $336. The overall crypto market is capped at $233 billion.

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