Binance Promotes Its Charity Foundation, BNB on Highest Level

  • Yuri Molchan
    📰 News

    Changpeng Zhao wants BNB to replace fiat


Binance Promotes Its Charity Foundation, BNB on Highest Level
Contents

On Wednesday, Changpeng Zhao attended the UN World Investment Forum in Switzerland and gave a speech, pointing out that Blockchain can bring more trust to charity by making it more transparent.

A matter of trust

In his speech, Zhao mentioned that many wealthy individuals and companies do not trust the person who urges to make donations since they know nothing about where the money actually goes. Besides, he brought statistics proving that hardly any donated funds reach the beneficiaries.

The Binance CEO emphasized that one of the good points Blockchain can give people around the world is transparency. He believes the distributed ledger will make charity much more effective and attract truly generous people and companies.

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Zhao shared the report of the results of the charity campaign that the Blockchain Charity Foundation (BCF) organized for the victims of floods in Japan this summer. U.Today wrote about it in more details earlier today.

The campaign, Zhao mentioned, started merely with a single tweet. Then people and businesses from all over the globe began to donate crypto. BCF later sent it through Japanese partners to the victims of the disaster. He also shared that in the future Binance plans to integrate smart-contracts to make “outcomes-based financing vehicles.”

Will BNB push out fiat?

In another recent interview, Changpeng Zhao shared his vision to turn BNB into a payment token and make cash go the way of the dodo.

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So far, this is apparently just an idea, but the Binance CEO does not see why individuals cannot choose Binance coin (BNB) as a means for everyday payments.

To make things easier, Binance plans to launch its own Blockchain and get off Ethereum. This should make transactions with BNB much cheaper than now.

Current BNB use cases

Presently, BNB has been utilized by the Australian TravelbyBit startup. It is pushing the adoption of crypto in the retail sector and allows people to pay for plane tickets in crypto (BNB in particular) instead of the Australian dollar.

At present, BNB is also used by PundiX and Crypto.com (rebranded from “Monaco”). These two projects are trying to get people to pay with crypto for goods and services by using crypto bank cards.

Cover image via u.today
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