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Here’s What You Missed at the Binance Charity AMA

2023-06-14

Main Takeaways

  • Blockchain technology is revolutionizing the philanthropic landscape by providing transparency, trust, and accessibility to financial services. 

  • We asked Binance Charity Deputy Director Elizabeth Li to share about the role of crypto and blockchain in building a better future.

  • Learn more about Binance Charity’s mission and the ways blockchain technology is empowering vulnerable communities.

Explore the transformative power of blockchain in philanthropy and hear from Binance Charity's Deputy Director, Elizabeth Li, on the future of crypto.

“I joined Binance Charity three years ago with the mission to enable blockchain as a driver to improve financial inclusion and make blockchain education accessible to all,” – Elizabeth Li, Binance Charity Deputy Director.

The rise of cryptocurrencies as a fundraising source has enabled charities to reach new heights in terms of donations and impact. Blockchain technology is also revolutionizing the philanthropic landscape by providing transparency, trust, and accessibility to financial services. 

To learn more about how blockchain is reshaping philanthropy, we invited Binance Charity Deputy Director Elizabeth Li to take part in an exclusive AMA interview. She also shared three Binance Charity projects that have impacted hundreds of thousands of individuals.

Here are the highlights of the AMA interview.

About Blockchain’s Role in Philanthropy

What are some of the main differences between blockchain-powered and traditional philanthropy?

Transparency and trust. These are two prevailing issues that traditional philanthropy has been trying to solve. And blockchain could hold the key to solving them.

According to Elizabeth, "The immutable nature of blockchain transactions ensures accountability, with all transactions recorded and visible to all participants, safeguarding against manipulation by external parties." This increased transparency allows donors to track their donations in real time, enhancing trust in charitable organizations.

Blockchain also introduces the concept of direct crypto giving. In times of disasters or crises when traditional banking services are inaccessible, cryptocurrency transfers provide a fast, low-cost, borderless, and transparent alternative for delivering financial aid.

"Cryptocurrencies enable quick and relatively fee-free transactions, making it easier to donate to charitable organizations or directly to affected individuals," explained Elizabeth. Recognizing the potential of blockchain in addressing long-standing problems, she emphasizes the importance of investing in research, infrastructure, and education.

"To ensure that those who need it the most benefit from this technology, we need to champion and invest in these areas," she concluded.

We explore in detail how cryptocurrency can reach those who need it most. 

Read it here: How Crypto is Empowering People in Vulnerable Communities.

What do we need to unlock the full potential blockchain can offer the social sector?

Elizabeth believes that there are four keys to unlocking the full potential of blockchain: education, infrastructure, investing in research, and partnerships.

Education is a key driving force of blockchain adoption in the social sector. It’s also one of the reasons why Binance Charity is committed to providing resources to improve crypto literacy rates.

However, being armed with knowledge isn’t sufficient. “One of the barriers associated with blockchain and cryptocurrency is the infrastructure to use it,” shared Elizabeth. There are communities without access to a mobile phone or laptop, making it difficult for them to access, own, and manage crypto.

Binance Charity also believes that there are more solutions that blockchain technology potentially offers. Investing in research and innovation thus helps to push the boundaries and uncover new possibilities for emerging technologies.

Finally, collaboration among nonprofit organizations, industry experts, and even educational institutions plays a pivotal role in harnessing the potential of blockchain for good. Sharing knowledge and experiences of past initiatives can help build better ones for the future. Elizabeth concluded, “We know that no single organization can or even should be able to tackle the multitude of complex issues we’re working to address. But, by working together, we are already sharing knowledge, experiences, and resources and combining forces to accelerate the adoption and implementation of blockchain for good.”

Want to learn more about how technology can help make the world a better place?

Read this blog: How Cryptocurrency and Web3 Are Reshaping Philanthropy.

About Binance Charity

“Improving financial inclusion is at the heart of our humanitarian work.” – Elizabeth Li, Binance Charity Deputy Director.

Binance Charity is a nonprofit organization founded in 2018. As the philanthropic division of Binance, it primarily focuses on harnessing the power of Web3 technology to drive positive social change.

Over the course of just five years, we have made significant strides in our mission. With donations exceeding $23 million USD, we have successfully improved the lives of over 2.5 million people in 85 countries through support for 32 projects.

What are the key focuses of Binance Charity?

The two main areas of focus are:

  1. Making education accessible to all, especially those from underprivileged and underrepresented backgrounds.

  2. Using Web3 technologies to support humanitarian efforts and drive greater financial inclusion.

What are some of the projects that Binance Charity has been working on?

Binance Charity has played a role in providing aid to numerous projects. Elizabeth highlighted three during the interview: Humanity First (Ukraine Humanitarian Efforts), Binance Scholar Program, and Lunch for Children.

Humanity First

Last year, Binance Charity took part in a three-phase project involving donations worth 10 million USD. As part of this initiative – which provided affected individuals in Ukraine humanitarian aid, we launched the first-ever Binance Refugee Card. Through the card, over 200,000 displaced individuals had access to a secure and convenient payment tool.

“By leveraging crypto-based cash assistance, we can empower individuals in need to receive direct aid, regardless of their geographical location or access to traditional banking services,” shared Elizabeth.

Additionally, Binance Charity launched a crypto-based cash assistance program that enabled 15,000 displaced Ukrainians across Europe and within Ukraine to purchase essential items during their adjustment period.

Watch our Humanity First video to witness the positive impact of this initiative.

Binance Scholar Program

“Since its launch in June 2022, the Binance Scholar Program by Binance Charity has received over 82,000 applications and awarded 36,500 scholarships in 2022.” – Elizabeth Li, Binance Charity Deputy Director.

The Binance Scholar Program aims to foster diversity in the blockchain industry by offering scholarships for tuition, course fees, and exposure to the Binance ecosystem. 

With a focus on Web3 education, the program has received overwhelming interest and has already granted scholarships to thousands of individuals, partnering with reputable institutions worldwide.

“Our education initiative has made a significant impact, funding 259,180 hours of Web3 education and training,” shared Elizabeth. 

This year, the Binance Charity Scholar Program plans to award a total of 30,655 scholarships. Through this initiative, Binance Charity hopes to continue empowering individuals to enter the blockchain industry and contribute to its growth.

Interested in Web3 education? Visit the Binance Scholar Program page to learn how to apply for a scholarship.

Lunch for Children

Supporting crypto literacy can take shape in different ways. Lunch for Children, the third initiative mentioned by Elizabeth, is a project that addresses the challenges faced by children trapped in poverty, particularly the lack of nutrition and education. 

The program helps distribute crypto funds so that 21,000 school children, families, and teachers can receive healthy meals. By eliminating the need for children to work and allowing them to attend school, underprivileged kids have a chance to leverage emerging technologies for brighter futures.

Contribute to Lunch for Children here.

Enjoyed This AMA Interview? Stay Tuned For More

Blockchain technology has emerged as a game-changer in philanthropy, offering transparency, trust, and accessibility to financial services. To maximize the impact of blockchain technology in philanthropy, we’re working towards making Web3 education accessible to all, particularly underprivileged and underrepresented groups.

Follow us on Telegram to join other exclusive Binance interviews and stay informed about all things blockchain and giving.

Further Reading