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Binance Donated BTC and ETH Worth $500,000 to Victims of West Japan Flood

Binance Donated BTC and ETH Worth $500,000 to Victims of West Japan Flood

Binance released a report Oct. 24, outlining its role in the aid of the victims of the 2018 West Japan floods. According to the report, the exchange donated 63.03 BTC and 169.85 ETH, the combined fiat equivalence of which exceeded $500,000 at the time of donation.

The 2018 Japan Floods

Japan suffered the worst flood in 36 years following what is now being referred to as the “Heavy Rain of July, Heisei 30.” Around 225 people were declared dead and property worth almost $7 billion damaged. At least 13 people were missing and 8 million people were advised to evacuate.

More than 54,000 workers participated in the rescue and relief attempts amidst a global outreach for help. Binance, which was earlier headquartered in Japan, was at the forefront of the relief work.

Binance’s Contribution Towards Flood Relief in Japan

Per Binance’s internal report, the exchange collaborated with multiple government agencies, local NGOs, and other organizations to extend a helping hand to flood victims. To address the immediate need for relief work, the company initially donated 61.09 Bitcoin (~50m JPY at the time) through Mai Fujimoto, founder of Kizuma, a Bitcoin donation foundation.

Related: China Floods Wipe Out Crypto Mining Farms, Bitcoin Hashrate Drops

Next, Blockchain Charity Foundation (BCF), the charity arm of Binance, initiated the second round of donation in collaboration with Open Japan, an organization dedicated to rescuing and rehabilitating disaster victims.

Binance transferred nearly 170 Ether (ETH) tokens to Open Japan, which then transferred the cryptocurrency to fiat and distributed it among the victims using relief funds.

Acknowledging Binance’s role in the relief work, Open Japan said in a statement:

“It wasn’t difficult to get our account set up, and once everything was ready Binance contacted us to proceed with the donation.[…] Receiving this donation left us with a deep impression of cryptocurrency: both its growing effect on our world and its potential.”

Additionally, Binance also provided a platform for other donors to contribute to the relief effort. The exchange says donors from across Japan and the rest of the world contributed more than $400,000 in various types of ERC20 tokens.

Overall, Binance claims to have raised cryptocurrencies worth $1.4 million as part of its disaster relief charity in the aftermath of the West Japan floods.

Binance has said it is committed to providing financial aid to the needy and victims of natural disasters using cryptocurrencies.

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Cover Photo by ål nik on Unsplash

Filed Under: , Binance, Crypto Exchanges
Priyeshu Garg

Priyeshu is a software engineer who is passionate about machine learning and blockchain technology. He holds an engineering degree in Computer Science Engineering and is a passionate economist. He built his first digital marketing startup when he was a teenager, and worked with multiple Fortune 500 companies along with smaller firms. When he is not solving the transportation problems at his company, he can be found writing about the blockchain or roller skating with his friends.

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