After finding refuge on the island of Malta during its exile from China, Binance seems to have found its rooting really quick in foreign territory. This could possibly be due to the fact that Malta as a whole is really interested in blockchain technology and how it can be applied on a national scale. But away from the success of Binance for now, the exchange platform has established a charity fund with the technology. The objective of this, according to the high rankers in the institution is to use blockchain technology to “empower vulnerable communities and enhance transparency in charitable work”.
The charity which was set up by Binance has received much acknowledgement from the public and has already even partnered with the Maltese Presidential Trust in a bid to see a successful run of the charity fund. The partnering with the Presidential Trust was through a Memorandum of Understanding (MoU) signed by Helen Hai and President Marie Louise and Michael Bianchi.
Michael Bianchi, an entrepreneur and trustee of the Presidential Trust, shared
“We are very happy to be starting a collaboration with Blockchain Charity Foundation enabling the use of blockchain technology to provide a social and economic impact. This is a world first and will have a major impact on how social issues and charity work is done in future years,”
The Memorandum of Understanding
The prime objectives of the MoU between the Binance Charity fund and the Presidential Trust all be to
- Jointly establish a work force targeting local and regional issues by implementing pilot projects and other initiatives with a blockchain technology component.
- Advocate about blockchain technology and its application to address issues of sustainability in a humanitarian and environmental setting to empower especially youth and children.
- Improve public awareness of the comprehensive usage of blockchain and its impact on society and economy.
The president of Binance, took to Twitter to tweet with the hashtag “UseBlockchainForGood”.
— CZ (not giving crypto away) (@cz_binance) July 25, 2018
President Marie-Louise who was invited to be a chair on the Senior Advisory Board of the foundation shared some thoughtful words during the event of the signing.
“I am truly pleased that we have come to the signing of this Memorandum of Understanding with the Blockchain Charity Foundation. This foundation, the first of its kind in the world, will develop humanitarian projects to effectively address the United Nations Agenda 2030 and its Sustainable Development Goals. Through this agreement, The President’s Trust and the Blockchain Charity Foundation will develop socio-economic projects in Malta, to address social challenges. Moreover, Blockchain technology will be used to increase efficiency, transparency and to measure the social impact of the respective projects,”
Helen Hai, who is the UN’s Industrial Development Organisation goodwill ambassador, mentioned that she believes the charity foundation and the Presidential Trust will both help inspire a great journey which will see ro the empowerment of “vulnerable communities with the support of blockchain technology”.
The Trust and the Foundation will begin a strategic collaboration with a project they are calling Efuc8. It will be coordinated with local Non-Governmental Organisations to help educate and empower several youths in the use of the technology (blockchain) for development.
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