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Jun 19
2020
This is Where Your Satoshis Go: The Journey of Your Donation with Binance Charity

At Binance Charity, the world’s first blockchain-powered non-profit, our advocacy is bringing transparency and accountability to charity. Binance Charity was created to solve the significant problem of the lack of means to trace exactly how your donations are used, as information about this gets lost right after you gave your money to charity. 

Now, through the power of blockchain, we can track where your contributions go by creating a new revolutionary model called blockchain charity. Click or tap the image below to watch how everyone can track every donation given to our projects through Binance Charity.

Since we launched our blockchain-powered philanthropy platform in 2018, we have shown how blockchain technology is used to build a better, more open way to run a charity program. The journey towards transparency starts the moment you send us a donation for, say, the Crypto Against COVID campaign. 

Donation: From You To Us

When you send Binance Charity a donation, whether it be cryptocurrency (Bitcoin, BNB, and others) or via a debit card, you see it confirmed on the blockchain transaction ID (TXID) for that particular transmission. Let’s say you donated 1 BTC to the Crypto Against COVID campaign. As soon as the transaction is confirmed, the webpage autonomously updates and adds your donation to the public ledger and other infographics shown on the top of the page. To specifically trace your donation, you can go to the Donation Records tab and locate your TXID there.

Transfer: From Us Directly to the End Beneficiaries, on the blockchain

While we said we will donate medical masks via the Crypto Against COVID campaign, we have to buy the masks from somewhere. This is where your donations are put to good use. To show you how this works, we’ll use the recent PPE Token initiative as an example. 

To recap, we launched the PPE Token to facilitate the donation of 200,000 masks to New York to support healthcare workers. We created the PPE Token on Binance Chain and allocated tokens to the crypto wallets of the New York hospitals which benefited from the initiative. Then, we contacted suppliers who were willing to accept the PPE Token as payment for the masks they would be providing to the hospitals. 

(Sure, we can just give cash to the hospitals, instead of going through this entire process. But we are committed to being fully transparent with our donations, so that’s why we pursue this route.)

Aside from the PPE Token, there are other allocations done for many countries that have already benefited from the Crypto Against COVID program. You can see these transactions, including the allocations for the PPE Tokens, on the Allocation Records, and End-Beneficiary Distribution tabs of the program’s page.

Please take note as well that there are other expenses related to the process of completing the donations. There are transaction fees to deal with in terms of transmitting cryptocurrencies, as well as other fees we may have to pay to make things possible, like customs clearance fees we had to pay for the masks in New York. You can see these expenses on the Allocation Records and Other Operations tabs of the Crypto Against COVID program’s page.

Completion: All Ends Are Accounted For

Let’s go back to that New York hospital that received their PPE Tokens. The moment the masks are delivered, the PPE Tokens are sent from hospital wallets to the suppliers, showing that the last-mile delivery is complete. These suppliers will then redeem all PPE Tokens received for fiat money with the help of Binance Charity as the last step of the entire process. This completes one cycle of the fully transparent process.