Binance Charity Foundation Launches PPE Token to tackle the COVID-19 pandemic in New York
Binance Charity, the world’s first blockchain-powered donation platform dedicated to advancing transparent philanthropy, has launched the PPE Token, a blockchain-powered stablecoin, to tackle the COVID-19 pandemic in New York and to track last-mile delivery of PPE to hospitals, Binance Charity Foundation announced today.
— Binance Charity Foundation (@BinanceBCF) May 8, 2020
Crypto Against COVID
As part of Binance Charity’s Crypto Against COVID campaign, 200,000 masks and units of personal protective equipment (PPEs) will be delivered to hospitals and first-responders throughout New York City via couriers. The PPE Token will be utilized as a form of compensation and proof-of-delivery technology.
Binance Charity has created PPE Token amid the severe impact of COVID-19 in the U.S., which currently has more than 1.2 million cases and 61,000 deaths as of May 5, according to WHO. At present, the U.S. accounts for almost one-third of the total number of cases globally. Partly due to its dense population of around 8 million people and 27,000 people per square mile, New York has been the worst-hit state in the U.S., with over 300,000 cases and 25,000 deaths. The state currently has more confirmed COVID-19 cases than several countries around the world, including countries with populations that are many times larger than New York.
On the importance of the PPE Token and blockchain technology in the fight against COVID-19, Jarred Winn, SVP of Charity said; “Our mission is to show that blockchain technology can improve the way we give by promoting transparency within philanthropic organizations. By utilizing the PPE Token and blockchain, we aim to provide a greater proof-of-donation and hope that others will follow in our effort to prove impact while maintaining integrity.”
The PPE Token is one of Binance’s social-impact tokens, similar to the Pink Care Token, which was launched in 2019 to alleviate period poverty. The PPE Token utilizes blockchain technology to ensure that medical supplies such as masks and PPEs will reach the targeted end beneficiaries, such as New York healthcare workers on the frontline in the fight against COVID-19.
The PPE Token is transparent over the entire process of its use, including issuance, distribution, and redemption. It demonstrates the functionality of blockchain technology during a pandemic such as COVID-19. The token is a stable currency (1 PPE Token = .02 USD), and 1 PPE Token will facilitate the delivery of one mask to an end beneficiary in a designated hospital in New York City. As masks are delivered, PPE Tokens are released from hospital wallets to couriers, showing that the last-mile delivery is done. Couriers will redeem all PPE Token received for fiat money with the help of Binance Charity as the last step of the entire process.
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