Binance Charity has launched an initiative that seeks to raise $5 million in cryptocurrencies to purchase medical supplies for the countries that have been the hardest hit by the COVID-19 pandemic.

Binance will lead the #CryptoAgainstCOVID campaign with an initial donation of $1 million USD. The exchange has also pledged to match up to an additional $1 million in public donations.

Binance Charity to publish all transactions made with donated funds

The funds will be spent primarily on medical equipment and supplies that will be distributed throughout Italy, Germany, Spain, South Korea, Iran, Turkey, the United States, and the United Kingdom.

Binance Charity asserts that all transactions made with the donated funds will be published publicly to ensure full transparency.

Changpeng Zhao, the founder and CEO of Binance, stated:

“The crypto community is a growing force and we have an opportunity to strengthen this through philanthropy. We encourage the community to take part in this initiative as we unite against COVID-19, and together, we'll drive impact.”

Binance donates $1.4 million in medical supplies in China

Binance Charity’s global campaign to combat the coronavirus follows similar efforts that have been successful within mainland China.

During January, Binance committed to purchasing $1.4 million in medical supplies through its “Binance for Wuhan” project.

As of March 20, the initiative had purchased 366,000 pairs of gloves, 56,800 masks, 9 sterilizers, 5,280 bottles of hand sanitizers, 20,000 testing kits, 7,850 protective suits, 20,000 pairs of goggles, 388 oxygen concentrators, 1000 germicidal lamps, and roughly five tons of disinfectant.

The supplies have been distributed to more than 300 hospitals and medical teams including Hubei, Sichuan, Guangxi, Shanghai, and other Chinese provinces at the epicenter of the pandemic.

The most important element of human life is to show compassion and help others as we can, without the limitation or restriction of borders," stated Binance Charity's head, Helen Hai.

"Blockchain technology enables this in greater capacities than ever before and Binance Charity wishes to bring this to the masses," she added.