Breaking new ground, one of the world’s largest cryptocurrency exchanges, Binance, has teamed up with the Maltese President’s Trust to create the Blockchain Charity Foundation.

It will use the technology that underlies cryptocurrencies to “empower vulnerable communities and enhance transparency in charitable work.” The memorandum of understanding (MOU) was signed with Helen Hai, a goodwill ambassador of the United Nations Industrial Development Organization, Maltese President Coleiro Preca, and others.

Binance’s Blockchain Charity

The signing of the MOU took place today at the San Anton Palace with entrepreneur Michael Bianchi, a trustee of the Maltese President’s Trust, as reported by Malta Today.

“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,” Bianchi said.

Binance, one of the world’s largest cryptocurrency exchanges, has been a prominent supporter of “blockchain for social good,” the mandate of its new Blockchain Charity Foundation.

Hai, who was appointed to head the foundation earlier this month, was considered to be best positioned for the job because of her experience in developmental economics. She reiterated that the Blockchain Charity Foundation would be addressing the most pressing social issues globally, in attempts to contribute towards reaching the UN Agenda 2030 and its sustainable development goals.

Key objectives of the MOU are as follows:

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.

Jointly establish a work force targeting local and regional issues by implementing pilot projects and other initiatives with a blockchain technology component.

President Coleiro Preca was invited to chair the Foundation’s Senior Advisory Board. Preca, along with other heads of state, will strategically advise the management and give direction to the new charity foundation. He outlined the move as follows:

“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.”

Charity and Cryptocurrency

In March of this year DonorsChoose.org announced that San Francisco-based Ripple had donated $29 million to fund every single classroom project request on the nonprofit charity’s website.

Ripple’s donation — which is largest cryptocurrency donation ever — fulfilled 35,647 requests from 28,210 public school teachers in every state. As a result of the company’s generosity, 16,561 public schools — or 1 in 6 of all the public schools in America — will receive much needed resources vital for learning, from “colored pencils and books, to butterfly cocoons and robotics kits.”

More recently, in June, it was announced that Brian Armstrong, CEO of San Francisco-based cryptocurrency exchange Coinbase, launched a charity to help provide for people living in poverty. Coinbase’s charity, GiveCrypto, aims to raise $1 billion in the next two years.

Featured image from Shutterstock.