Binance – the global cryptocurrency exchange that generated profits of $446 million in 2018, has just announced that it will be launching a new philanthropic project with the view of alleviating period poverty.
Through the Binance Charity Foundation – an arm of the exchange that seeks to help those in need, will see its initiative supported by 46 organizations.
In order to achieve the Binance Charity Foundation’s goals of improving feminine health and wellbeing, the project announced that it is issuing a new blockchain token called Pink Care Token (PCAT). The token will be pegged like-for-like by one year’s supply of sanitary pads.
An Ever-Growing Crisis That Needs Further Attention
Period poverty is a major issue, with the vast majority of those affected located in the third world. The issue centres on the inaccessibility of sanitary products, as well as a lack of access to menstrual hygiene education and hand washing facilities.
Global Citizen explains that period poverty leaves women unable to go to school or work, not least because of the cultural shame attached to menstruation.
With that being said, the Binance Charity Foundation will initially aim to improve the lives of one million women affected by a deficiency in health and wellbeing. The first phase of the period poverty alleviation program will focus on those based in Uganda. An initial batch of Pink Care Tokens and sanitary pads will be delivered to Uganda in July.
Changpeng Zhao (CZ) – CEO and co-founder of Binance, explains that Pink Care Token is the first social-impact stablecoin issued on Binance Chain. “A part of our mission is to promote cryptocurrency adoption, and I think charity is one of the most efficient ways to bring cryptocurrency value to more people,” said CZ.
Pink Care Token Facilitates 100% Transparency
The Pink Care Token itself will be issued on the Binance Chain, and thus, will be a redemption-only token. In doing so, the period poverty project will be accustomed to 100% transparency, super low transaction costs, and perhaps, most importantly, it will be free from the threats of corruption in its entirety.
This is absolutely crucial, especially when one considers the growing lack of transparency concerns facing the international charity arena, which subsequently, has resulted in a severe loss of trust from those in dire need of help.
Alongside the Binance Charity Foundation, a total of 47 cryptocurrency and blockchain technology-related companies will form the Pink Care Token Alliance. Collectively, this will ensure the poverty period alleviation project is adequately funded.
Justin Sun – founder of Tron, – a fellow Pink Care Token Alliance member, notes that “being able to help those in need using cryptocurrency could accentuate the importance of it, thanks to Binance Charity for giving us the chance to be part of it, let’s make the world a better place.”
A Seamless way to Distribute aid
It terms of distributing the aid itself, the Pink Care Token will enable Uganda-based women to access feminine hygiene products with ease. A bespoke Binance Uganda Exchange has been set-up to allow young women to redeem their Pink Care Tokens in exchange for local currency.
Hopefully, women across Uganda and other African countries will see the aid impact at least one aspect of their lives.