Binance says it's pouring millions into the global fight against the coronavirus.
In an ask-me-anything (AMA) Friday, CEO Changpeng Zhao said his exchange has committed at least $2.4 million in crypto to buy sorely needed COVID-19 medical supplies and plans to donate up to $2 million more through its philanthropic arm, the Binance Charity Foundation (BCF).
“We are donating physical supplies, masks, other medical supplies, hopefully, eventually, ventilators.” Zhao said. He estimated Binance’s total contributions will add up to “somewhere around $5 million.”
While Zhao said Binance had already donated the $2.4 million, BCF’s website only noted $1 million donated so far.
Zhao said these supplies are shipping directly to hospitals in need. BCF’s early efforts focused on China: it has delivered hundreds of thousands of personal protective equipment (PPE) items to 300 Chinese hospitals as of March 20, according to BCF’s website.
PPE will now flow to other sickened countries.
“I think there's a shipment going to Italy this week,” Zhao said, “and then hopefully we will be able to cover the U.S., Germany and some of the other countries that are really severely impacted.”
BCF has also raised about $200,000 in crypto from the public, according to Zhao.
Many observers questioned whether CMC would remain independent after first hearing about the acquisition.
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.