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Jul 03
2019
Binance Charity Forms Alliance with 46 Companies to Unveil a Stablecoin for the Alleviation of Period Poverty

Binance Charity Foundation (BCF), the blockchain-enabled charity platform and official philanthropic arm of the global cryptocurrency exchange Binance, today announced the first strategic alliance of 47 companies and organizations as founding partners to introduce ‘Pink Care Token’ (PCAT). In the frame of the period poverty campaign, the alliance aims to empower 1 million women in developing countries to improve feminine health and wellbeing. The first delivery of Pink Care Token and sanitary pads is scheduled for mid-July in Uganda, graced by the minister-level politicians from the Ugandan government.

“Pink Care Token is the first social-impact stablecoin issued on Binance Chain. A part of our mission is to promote the adoption of cryptocurrencies, and I think charity is one of the most effective ways to demonstrate their value and make them available to the people in need,” said Changpeng Zhao (CZ), CEO and co-founder of Binance. 

The Pink Care Token is a redemption-only token issued on Binance Chain that is pegged to one year’s supply of sanitary pads instead of a fiat currency. By introducing this innovative value-stable token, the alliance members hope to bring the original value of money to the crypto space, and the token will alleviate period poverty with 100% transparency, zero corruption, and minimal transaction costs.

“By forming the first alliance between cryptocurrency and traditional industry, we aim to deploy the alliance’s strength to shape a brighter future for all human beings, especially the bottom billions,'' said Helen Hai, Head of Binance Charity Foundation. “After all, it all comes down to human and values. We hope the Pink Care Token Alliance will combine technology with the best parts of human nature - creativity, empathy, and stewardship, which lift humanity into a shared sense of dignity.”

The initiative reinforces Binance Charity’s existing work in Uganda where it started the “Binance for Children” initiative to help school kids get access to food via our Lunch for Children programme, as well as scholastic materials, and electricity from our solar charity initiative. Our colleagues have been working on the ground since February to structure this new initiative identified the pressing needs among the girls. Many young women in Uganda cannot afford sanitary pads, but use cassava leaves during their periods, leading to infections, general uncleanliness, and many other serious issues related to their life. 

“For women living in cities, life seemed less tough; using sanitary pads during their period is a routine that most girls take for granted. However, for many African girls, there is still a major stigma that attached to their period and using sanitary pads is seen as a luxury. Let’s make period poverty a thing of the past thanks to Pink Care Token,” said He Yi, Co-founder and CMO of Binance

While many foundations, NGOs and corporations have worked on this social problem over the years, there is tremendous inefficiency and lack of transparency in traditional ways of charitable giving that cause loss of trust and high intermediary costs. Blockchain-based philanthropy can therefore offer a new perspective and effective solutions to these issues.

Binance Charity Foundation and the members of this strategic alliance will sponsor feminine hygiene products in the form of PCAT for young women in the developing world who are not able to afford it. Binance Uganda Exchange will provide the redemption service for the Pink Care Token, and people can redeem the token for the local currency.

Justin Sun, Founder of Tron, also expresses his best wishes regarding this initiative: “There are many ways that cryptocurrency will make the world a better place. Being able to help those in need using cryptocurrency could accentuate the importance of it, and I would like to thank Binance Charity for giving us the chance to be a part of it, Let's make the world a better place.”

“I am thrilled to be part of this initiative. As a financial services provider devoted to enabling the free flow of cryptocurrencies across the world, Babel Finance firmly believes that cryptocurrency will make the world a better place. Pink Care Token is unique in that it demonstrates the advantages of blockchain technology while improving the living conditions of women. We hope this kind of innovative charitable giving can spread globally and benefit billions of people,” said Flex Yang, Founder and CEO of Babel Finance.

How can I be a part of the Pink Care Token Initiative? 

So far, there have been 47 entities and companies from the crypto sector  and mainstream industry have joined this alliance. We call for more partners to join this alliance to end period poverty and to support a million young women getting access to period products, to build up an ecosystem liberating value transfer, and to empower the bottom billions with the help of cryptocurrency.  

Please donate your part at:

https://www.binance.charity/period-poverty

For alliance inquiries, please contact bcf@binance.charity

Watch this YouTube video for more details: https://www.youtube.com/watch?v=v_uKGgQlpWA

47 Pink Care Token Alliance Members: 

Binance, TRON, BabelFinance, Ripple, Alice, Arrington XRP Capital, Bloq, AELF, EMURGO, Blockseed Ventures, Contentos, Mithril, Machi X, Primitive Ventures, Earth Protocol, Paxful, IoTeX, Sora Ventures, Tally Capital, Pundi X, Matic Network, Harmony, BLOC Platform, Quantstamp, Celer, StormX, GXChain, Orichal, Enjin, QuarkChain, Ultrain, Zcoin, IOST, CryptoSavannah, Period.org, Fetch.AI, KIZUNA, CertiK, V Systems, AID:Tech, Fintech4Good, Nebulas, VeChain, 8 Decimal Capital, DENT, Blockshine Technology, Binance Charity.

The Pink Care Token Issuance Records: 

https://explorer.binance.org/asset/PCAT-4BB

Attachment:

Pink Care Token Concept Note: https://drive.google.com/file/d/1nx4XI68ctwBVmtEAZWYowkhib9Gr0pH1/view?usp=sharing 

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About Binance Charity Foundation

Binance Charity Foundation is a nonprofit organization, dedicated to achieving global sustainable development by unlocking the power of blockchain. BCF develops and tests viable solutions that address the root cause of social problems to guide people out of the poverty trap.The foundation is initiated by Binance, the world’s largest cryptocurrency exchange by trading volume, headed by Helen Hai, UNIDO Goodwill Ambassador, in collaboration with Marie-Louise Coleiro Preca, Former President of Malta, as the Chair of the Advisory Board. 

For more information: https://www.binance.charity