Binance tie hands with United Nations to Bring Social Good via Blockchain

By Raghav Sawhney

Binance, a crypto exchange firm, founded in 2017, which moved its servers and headquarters out of China and into Japan when the Chinese government put a ban on trading the cryptocurrency. Binance was on the news when it raised $32 million in August 2018 for the stablecoin project. The crypto exchange has once again taken the front page and this time the intentions are for social welfare.

Binance is looking to explore the benefits of Blockchain and is trying not to be self-centric as it has partnered with the United Nations to support developing nations with resources to improve the lives of its citizens. The news was shared at the 73rd UN General Assembly held in New York which was jointly held by Blockchain Charity Foundation (BCF), Finance Center for South-South Cooperation (FCSSC) and Women Political Leaders Global Forum (WPL) in the presence of Maltese President, Marie-Louise Coleiro Preca who addressed the conference with a keynote over a roundtable discussion and showcase of global blockchain pilot programs. The Assistant Secretary General of the  United Nations, Haoliang Xu, stated:

“We believe that blockchain is a technology that can have a huge impact in the developing world in numerous ways,”

The aim of the initiative is to drive economic growth via Blockchain technology, it will be jointly developed by the United Nations Development Programme (UNDP) and BCF

“We are excited to see the strong commitment from BCF to work with UNDP to explore how blockchain technology can help develop solutions to some of the most difficult development challenges in Asia and the Pacific,” Xu added.

Cryptocurrency exchange Binance along with the Maltese President’s Trust founded the Blockchain Charity Foundation (BCF) earlier this year, is a non-profit organization which was established to support the use of blockchain for social good and the advancing of 2030 UN Sustainable Development Goals. BCF also works to educate and raise awareness of the use of blockchain-based solutions with the help of the leading organizations and innovators.

“We firmly believe that blockchain technology will bring transformative solutions to social problems, and help bridge the UN Sustainable Development Goals funding gap in fast and innovative ways,” said UNIDO Goodwill Ambassador and Head of Blockchain Charity Foundation Helen Hai.

The use of Blockchain technology for the social welfare cause certainly adds the technology to the good books of UN and should be considered by other global leaders as well to have the right utilization of the tech for socials welfare.