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Binance forms alliance with 46 companies for charity

Binance.Marco Verch Professional Photographer and Speaker/Flickr

Sat, 06 Jul 2019, 17:10 pm UTC

In a true case of using blockchain for the greater good, Binance recently announced that it is forming a charity stable coin called “Pink Care Token” (PCAT). It will be doing so through the Binance Charity Foundation (BCF) and with the help of 46 other companies, groups, and organizations. As for the purpose of PCAT, the ultimate goal is to help millions of women gain access to better health and hygiene opportunities.

In a blog post, Binance explained the intent behind PCAT and what the support of its partners could mean for it. Among the goals that the project is intended to achieve is to provide feminine hygiene products to one million women who are struggling to afford sanitary pads and the like. Binance CEO and co-founder Changpeng Zhao (CZ) also talked about what the implications of PCAT can be.

“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,” he said.

The use of PCAT is also meant to reduce the chances of charity funds being misused since it is tied directly to the sanitary pad supply that is supposed to last one year. It would certainly be a lot more difficult to be corrupt when dealing with products instead of simply being handed some cash. Binance Charity Foundation head Helen Hai offered a bright take on the future of the stable coin.

“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,” she said. “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.”

It’s worth noting that PCAT is not the only charity initiative launched by Binance. It also has “Binance for Children,” Cointelegraph reports, which is an educational project in Uganda.

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