Cryptocurrency giant Binance creates Maltese charity foundation

The Blockchain and cryptocurrency exchange giant Binance has set up its Blockchain Charity Foundation to use the technology in a world-first venture that will "empower vulnerable communities and enhance transparency in charitable work".

The charity has now joined forces with the Maltese President's Trust, in a memorandum of understanding signed with Helen Hai, a goodwill ambassador of the United Nations Industrial Development Organisation.

The signing of the memorandum of understanding took place Wednesday at San Anton Palace, with entrepreneur Michael Bianchi, a trustee of The President’s Trust. “We are very happy to be starting a collaboration with Blockchain Charity Foundation enabling the use of blockchain technology to provide a social and economic impact. This is a world first and will have a major impact on how social issues and charity work is done in future years,” Bianchi said.

The key objectives of the MOU are to achieve the following targets:

·         Advocate about blockchain technology and its application to address issues of sustainability in a humanitarian and environmental setting to empower especially youth and children.
​·         Improve public awareness of the comprehensive usage of blockchain and its impact on society and economy.
·         Jointly establish a work force targeting local and regional issues by implementing pilot projects and other initiatives with a blockchain technology component.

Binance, one of the world’s most dominant digital assets exchanges, is one of the loudest voices in promoting “blockchain for social good” - the mandate of its new Blockchain Charity Foundation.

Hai, who has just been appointed to head this foundation earlier this month, was considered to be best positioned for the job, bringer with her a wealth of experience in development economics.

The venture will open up a whole new era of decentralised ledger technology for social good since the transparency of transactions makes charity and philanthropy two of the most exciting use cases for blockchain, and makes the technology useful in supporting the United Nations’ goals for sustainable development.

President Coleiro Preca was invited to chair the Foundation’s Senior Advisory Board and, together with other eminent heads of state, will strategically advise the management and give direction to the new charity foundation.

“I am truly pleased that we have come to the signing of this Memorandum of Understanding with the Blockchain Charity Foundation. This foundation, the first of its kind in the world, will develop humanitarian projects to effectively address the United Nations Agenda 2030 and its Sustainable Development Goals. Through this agreement, The President’s Trust and the Blockchain Charity Foundation will develop socio-economic projects in Malta, to address social challenges. Moreover, Blockchain technology will be used to increase efficiency, transparency and to measure the social impact of the respective projects,” President Coleiro Preca said.

Binance, through its Foundation — the first such blockchain technology charitable foundation — has taken a step further by setting up its operational base in Malta.

“I firmly believe that the Foundation and The President’s Trust will jointly embark on an inspirational journey to empower vulnerable communities with the support of blockchain technology. We are determined to turn our vision into action,” Hai said.

Hai added that the Foundation would also be addressing the most pressing social issues globally to contribute towards reaching the UN Agenda 2030 and its sustainable development goals.

Sarah Borda Bondin, who heads the Trust, said that through the use of blockchain technology the Trust could provide an innovative way of doing its work and addressing areas of inefficiency and lack of controls associated with traditional methods.

Bianchi added that the Foundation and the Trust would kick-start their strategic collaboration with a project titled Educ8, which the Trust would coordinate with local NGOs to educate and empower youths to harness blockchain for sustainable development.