Binance is known for being one of the biggest cryptocurrency exchange in the industry, and they have partnered with the Maltese President’s Trust for a new innovation. Their new project is the Blockchain Charity Foundation, which is designed to “empower vulnerable communities and enhance transparency in charitable work.”

Helen Hai signed the MOU for the charity, as part of her role as a goodwill ambassador of the United Nations Industrial Development Organization. The memorandum was signed on July 25th. At the signing, a trustee of the Maltese President’s Trust, Michael Bianchi, said,

“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.”

Binance has been a major advocate for “blockchain for social good,” which is the main message behind the new foundation. Hai will be the new head of the foundation, and she was selected as a result of her experience in developmental economics. In a statement, she established that the goal of the Blockchain Charity Foundation would be to handle many global social issues, echoing Bianchi’s sentiment.

According to the public memorandum, these are the objectives of the new foundation:

There are multiple heads of state, President Coleiro Preca included, that will help to manage the foundation and move it in the direction that will best fulfill their objectives. In his explanation of the MOU and the foundation, he said that this new organization “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.”

Even with cryptocurrency’s ability to bring in personal wealth for the right investments, many platforms and contributors are also using profits to help others. Ripple is a perfect example of this, having donated $29 million to schools to fund classroom projects that had requests on DonorsChoose.org. This is presently the largest donation of its kind completed over 35,000 requests, which included “colored pencils and books, to butterfly cocoons and robotics kits.”

Brian Armstrong, the CEO of Coinbase, launched his own charity for those who are suffering in poverty. The charity is called GiveCrypto, and they have set a goal to raise a total of $1 billion over the course of the next two years.

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