Sustainable development has been much talked about, but, sadly, remains a mere concept in most traditional businesses. Industries grow without taking the social aspects into consideration, and if it hadn’t been for the Corporate Social Responsibility (CSR) laws, companies wouldn’t even think about it.
However, the cryptocurrency industry is a bit different in this regard, and only for good. There have been instances of huge donations from crypto companies for social causes, which make sustainable development at least a topic to discuss. Cryptocurrencies, in fact, came into existence to challenge the odds and traditional economic systems, and therefore, it has always been inclined towards the betterment of the society.
Proving the point, Horizon State, the government and state-focused crypto-blockchain platform, tweeted on Friday that it will be donating a percentage of its revenue to Binance Charity. It stated that it has partnered with Binance for transparent distribution of funds.
From day 1 our token mechanics have shown our commitment to good causes, with a percentage of all revenue going to charity. We're thrilled to have teamed up with #Binance charity @BinanceBCF to provide transparent distribution of funds! #blockchainforgood https://t.co/vxlBKnhOZz
— Horizon State (@HorizonState) May 2, 2019
Binance Charity Foundation, the philanthropic arm of Binance Crypto Exchange retweeted Horizon State’s tweet and added that the latter had pledged 5% of its revenue to the foundation.
Special thanks to @HorizonState who committed to donate 5% of their revenue to @BinanceBCF . No strings attached.
The records will be shown on https://t.co/ylDIrNcZ0A when the first donation comes. #transparency transforms charity https://t.co/bwqshM0NdF
— Binance Charity Foundation (@BinanceBCF) May 3, 2019
The move soon attracted appreciation from crypto communities, with many applauding Horizon State (HST) for its commitment. Blockchain educator and Nuggets NewsAU CEO, Alex Saunders also came forward to praise HST.
— Alex Saunders (@AlexSaundersAU) May 2, 2019
Crypto companies have taken several initiatives to transfer profits to society via various charity programs. Binance Charity, in particular, has been playing an important role in this regard. In December last year, TRON and Binance came together to donate $100,000 in a Maltese Charity, aimed at bringing about a social change. The charity was directed towards the Maltese Community Chest Fund, the national charity fund of Malta.
Similarly, in October 2018, Binance announced that it would disclose the amount received through coin listings on the exchange, and will donate the entire amount for charity. Earlier in April this year, Crypto.com transferred a whopping $500,000 from its Binance account to Binance charity. Binance Charity Foundation has to date raised over $2.5 million, helping about 3,700 underprivileged people. In his speech at the Deconomy event, Binance Chief Changpeng Zhao said that each Binance Coin donated for education funds 66 days of school for one child.
Earlier, Huobi Exchange and Dogecoin collaborated to raise funds for Grateful Dog Rescue, a San Francisco based canine rescue and sheltering organization.
Cryptocurrencies have played a significant role in aiding crisis-hit countries like Venezuela, which are suffering from hyperinflation and stark recession. Till April 2019, Airdrop Venezuela, a cryptocurrency-based charity initiative, had registered 60,000 Venezuelan beneficiaries and had raised $292,000 in crypto, mostly Bitcoin Cash. The initiative aims to raise over $1 million.
Most recently, the crypto community also came forward to help Wikileaks founder Julian Assange, in his legal battle against the US state authorities. After he was arrested in London, the entire media industry raised their voices in support of Assange and press freedom. As soon as Assange was arrested, a fundraiser was initiated for his legal battle. Within just 24 hours, over $34,000 worth of Bitcoins were donated, apart from ZCash, Dash and other cryptocurrencies.