Cryptocurrency exchange Binance announced the establishment of a charitable blockchain organizations supported by the Fund of the President of Malta. The organization, called the Blockchain Charity Foundation (@BinanceBCF), will use the technology of the distributed registry, in order to “empower vulnerable communities and to enhance the transparency of charitable activities”.

As reported by Malta Today, a Memorandum of understanding was signed by the President of Malta Marie-Louise Coleiro of Prek (Marie Louise Coleiro Preca), a Trustee of the Fund President Michael Bianchi (Bianchi Michael) and Helen hay (Helen Hai), was appointed Director of a charitable organization.

“We are very happy to start cooperation with Blockchain Charity Foundation that creates the conditions for the use of blockchain technology in order to ensure the social and economic impact. This is the first project of its kind in the world, it will have a significant impact on how the future will organize the work with social issues and charity,” said Michael Bianchi.

Note to head the Helen hay Foundation is a goodwill Ambassador of UNIDO (United Nations industrial development) and well-known participation in projects for the economic development of the regions with the highest levels of poverty. Hay explained that the organization will work with the most acute social problems on a global scale, contributing to achieve the UN Agenda 2030 as stated in her sustainable development Goals.

President Marie-Louise Coleiro of Prek will lead the Higher Advisory Council of the new organization, which, along with the heads of other States, will be able to give strategic recommendations to the leadership of the Blockchain Charity Foundation, setting the direction of the organization.

“I am sincerely glad that we came to the signing of a Memorandum of understanding with the Blockchain Charity Foundation. The Fund is the first organization of its kind in the world, he will develop humanitarian projects to effectively promote the implementation of Agenda 2030, the UN and its sustainable development Goals. Through that agreement, the President of the Charity Foundation and the Blockchain will be to develop socio-economic projects in Malta for the solution of social problems. Moreover, the blockchain technology will be used to improve efficiency and transparency, as well as the social impact assessment of relevant projects,” he said Coleiro of Preko.

According to the Memorandum of understanding, the main purpose of the new charity Binance include the promotion of technology and blockchain applications as an effective tool for the study of sustainable development issues of humanitarian and ecological spheres, empowering different population groups, especially children and youth; raising awareness about the full use of the blockchain and its impact on the social sphere and the economy; the establishment of a working group focused on local and regional issues, as well as the implementation of pilot projects and initiatives with a component of the blockchain technology.

It is worth noting that the cryptocurrency exchange Binance is a well — known proponent of the approach “the blockchain for the public good” that is consonant with the mission of the new organization.

We will remind, in the beginning of the month the exchange has donated $1 million to victims of the recent floods in Japan.

So far, the record crypto-charity remains Ripple, transferred via the draft $29 million in American schools, with the result that every sixth public school in the USA received everything needed to teach children.

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