Binance has initiated a new philanthropic project that is focused on the African continent. A group of blockchain companies has joined them in the movement and a website has been dedicated to this project. It is led by the charitable arm of the world’s largest cryptocurrency exchange, Binance Charity Foundation (BCF) and it involves the issuance of a stablecoin that will operate on Binance Chain; Pink Care Token (PCAT).
In Uganda many women lack access to sanitary products, the project is said to aid them with ways to fund the purchase of these. According to reports, the government ministers will assist the first batch of Pink Care Token and sanitary pads to be delivered into the country by mid-July. “Pink Care Token is the first social-impact stablecoin issued on Binance Chain. A part of our mission is to promote cryptocurrency adoption, and I think charity is one of the most efficient ways to bring cryptocurrency value to more people,” said Binance CEO Changpeng Zhao (CZ).
There are already many supporters of this cause, in fact, over 46 companies including some leading blockchain and financial companies like Ripple, Tron, Vechain, Matic, Arrington Capital, and Celer. Many have reaped from their early belief in crypto and its industry and are now willing to extend their experience and draw more people to the cryptoconomy.
Cryptocurrency has become so popular all over the world, almost anyone now has a lay knowledge of what Bitcoin is. Although Africa is seemingly dancing to the crypto tune, most of the underdeveloped countries in the continent have not fully explored full financial access offered by digital assets that will tackle common challenges like access to food, shelter, and medicine
With this Pink Care Token project, their solutions can start off in another vein as the charity initiative intends to provide an effective way of helping communities in affected regions and it will be done in all blockchain enabled transparency. In other words, the sum of the funds realized from the projects will be trackable on-chain. Through providing sanitary products for Ugandan women, improving their quality of life and providing an adequate example of what the crypto has to offer like BCF’s Pink Care Token, the funds are said to be directed towards ending ‘period poverty’.