Binance Donates $1 Million to Flood Victims in Japan, Calls on Crypto Community’s Support

Francisco Memoria
  • Leading cryptocurrency exchange Binance is set to donate $1 million worth of cryptocurrency or the Japanese Yen to flood victims in Japan.
  • The disaster left 38 people dead and saw almost 50 others go missing.

Leading cryptocurrency exchange Binance is set to donate $1 million to flood victims in Japan, after the country was hit by “record-breaking rain” that left 38 people dead and saw almost 50 others go missing.

According to a recent blog post, Binance is going to donate the equivalent of $1 million in Bitcoin (BTC), Binance Coin (BNB), or Japanese Yen (JPY). The company’s CEO Changpeng Zhao posted about the situation on Twitter to his over 197,000 followers.

Record downpours, according to the Independent, have been battering the southwest of the country since Thursday, leading to a series of floods and landslides affecting various regions. The government has already deployed 48,000 rescue workers to look for injured or trapped people.  Over 500 homes are said to have been damaged.

The disaster also saw Binance call on the cryptocurrency community’s support to raise funds along with them. The blog post noted that users can either donate anonymously or add their name to the donation. The CEO added:

To make a donation through Binance, 1 (optional, skip to be anonymous) email us at [email protected] 2. send ETH or ERC20 to 0xA73d9021f67931563fDfe3E8f66261086319a1FC. All outgoing tx from this address will be explained by Binance and used for charity purposes only.

Changpeng Zhao

Zhao revealed Binance is working on the exact logistics with local authorities to figure out how to help the victims. To get more donations, he added that projects who donate to the cause will get “bonus points for future listing requests,” with the donated amount counting towards future listing fees.

The amount raised may notably be high, as Japan’s cryptocurrency scene has been developing in the last few months. As CryptoGlobe covered, cryptocurrency miners are moving to the country’s rural areas to take advantage of cheap electricity and government subsidies.

The country recently  saw e-commerce firm set up a large mining operation in the central city of Kanazawa, and internet giant GMO launch an upgraded 7nm Bitcoin Miner called B3, with a total hash power of 33 TH/s.

Australians Hooked-up to Pay for Groceries With Bitcoin

Neil Dennis

Independent Grocers of Australia (IGA), a chain of independently-owned supermarkets, has teamed up with TravelbyBit to offer customers the opportunity to pay for goods in bitcoin and other cryptocurrencies.

Brisbane-based TravelbyBit, which offers travel booking services using bitcoin, litecoin and Binance's BNB coin, collaborated with the IGA Xpress store in Bowen Hills, Brisbane, to integrate its point-of-sale system, reported Nugget News on Friday.

In an interview with TravelbyBit co-founder Caleb Yeoh told Nugget that his company aimed to support "the little guy" and "the decentralized option". He added:

Regardless of whether I’m buying eggs, milk, fruit, or vegetables, I now have a way to pay for my groceries with cryptocurrency. The same goes for any other cryptocurrency owners shopping at Bowen Hills IGA.

Non-Profit Integration

Yeoh said TravelbyBit would receive no profit from its point-of-sale integration service, but hoped that it would prove successful in introducing merchants to the crypto alternative form of payment.

He added:

It all comes down to education. Introducing merchants to the world of cryptocurrency so that they may appreciate the benefits in their own time.

There are more than 1,400 IGA stores nationwide and Yeoh said he was aiming to introduce the technology to other branches, having been in contact with two other store operators. 

Currently TravelbyBit has integrated its point-of-sale system with around three-hundred merchants in Australia, which can be found on a map on the company's website.

Other Point-of-Sale Projects

Last year, crypto-exchange group Binance announced it had invested $2.5 million in TravelbyBit to build point-of-sale systems in global airports, following the success of its installation in Brisbane Airport.