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Crypto Giant Binance Pledges $1.5m to Help Chinese Coronavirus Victims

Avatar Nick Chong 1 month ago

Over the past few weeks, a virus in the coronavirus family (same family as the common cold, SARS, MERS, etc.) has started to circulate the globe. This novel coronavirus (2019-nCoV) originated in China, specifically in the Chinese city of Wuhan and seemingly due to infected animals being sold at a local market.

The virus has thus far infected 1,400 individuals, official numbers state, with cases existing mainly in China though starting to spread to the U.S., France, Malaysia, Singapore, and beyond.

Although these numbers may seem small, reports indicate that hospitals in Wuhan are being overrun due to the influx of cases and those believing they are sick with this coronavirus. Independent videos published to social media, in fact, say that there is a shortage of masks and other protective materials, along with too few doctors.

Thus, the world has sprung into action, attempting to support the victims.

Crypto Giant Binance to Support Coronavirus Outbreak

Changpeng “CZ” Zhao, the Chinese-Canadian businessman that heads the world’s largest crypto exchange Binance, revealed in a tweet published minutes ago that his company has pledged “10m RMB ($1.5m USD) to help coronavirus victims.”

Zhao seemingly denied any use of crypto assets in this, writing that it “is not realistic to do crypto to end beneficiaries [for the Wuhan outbreak].”

Binance is purportedly still working on the logistics for this move, with the industry executive writing: “We didn’t make any announcements. But BCF/Binance team has been busy for the last few days. Still need help to arrange logistics locally.”

This seemingly makes Binance the first crypto company to have started a charitable initiative to support victims of the latest Chinese coronavirus.

This isn’t the first time Binance has been charitable in times of need. It in 2018 contributed $1 million to aid those affected by the massive flood in the west of Japan. The crypto firm also has its own charity arm.

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Nick Chong

Since 2013, Nick has shown interest in Bitcoin and cryptocurrencies. He has since become involved in the industry as a full-time content creator, working for NewsBTC, Bitcoinist, LongHash, among other outlets. Aside from covering...

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