Changpeng “CZ” Zhao, CEO of the world’s largest crypto exchange Binance, has pledged to donate 10 million Chinese Yuan to the effort to curtail the recent outbreak of coronavirus.

Zhao made this pledge via a tweet from his official handle that his company has pledged 10m RMB ($1.5million USD) to help coronavirus victims.

For #Wuhan, not realistic to do crypto to end beneficiaries.



Binance pledged 10m RMB ($1.5m USD) to help #coronavirus victims.



We didn’t make any announcements. But BCF/Binance team has been busy for the last few days.



Still need help to arrange logistics locally.🙋‍♀️ https://t.co/UH6FXgVSrX — CZ Binance (@cz_binance) January 25, 2020

Zhao seemingly denied any use of crypto assets in this, writing that it “is not realistic to do crypto to end beneficiaries [for the Wuhan outbreak].”

Binance is purportedly still working on the logistics for this move, with the industry executive writing: “We didn’t make any announcements. But BCF/Binance team has been busy for the last few days. Still need help to arrange logistics locally.”

With this move, Binance becomes the first in the crypto space to have lent a helping hand to the victims of the deadly coronavirus.

Krypital charity donation

Notably, Krypital, a blockchain marketing service firm also launched a charity donation effort to acquire medical supplies for Wuhan coronavirus victims.

The blockchain platform made this known via an official post on its WeChat account.

Krypital also announced that it will create a blockchain-based donation system that allows for greater transparency and efficiency.

The blockchain marketing service firm noted it is accepting Tether (USDT) on the Ethereum blockchain.

The firm is also recruiting volunteers for group administration, material purchase, sorting and transportation management, media announcements and graphic designers.

Wuhan coronavirus

Notably, the World Health Organization recently said that it was a bit too early to declare the outbreak “a public health emergency of international concern”.

But the Wuhan coronavirus continues to spread, and more than 2,000 people have been infected so far with the death toll currently at 56.

Although, the source of the virus is currently unknown. Reports across china claim that the virus spread due to infected animals being sold at a local market.

As a result, across the world, philanthropic movements aiding the victims have seen an uptick.

Notably, this is not first-time Binance has participated in charity donation. Through its charity fund, the crypto exchange has previously donated $1 million to aid the affected during floods in west Japan.

Binance also donated $1 million worth of BNB to the Australia Bushfire Donations project earlier.